Khaberni - Gold fell today, Tuesday, amid an improvement in risk appetite, which supported global stocks, as investors look forward to a set of U.S. economic data to be released later this week, which is expected to provide indicators on the direction of interest rates to be decided by the Federal Reserve (the U.S. central bank).
During trading, gold fell in spot transactions by 0.2%, to $5055.29 per ounce, having previously risen to an unprecedented level of $5594.82 per ounce on January 29.
The U.S. gold futures for April delivery stabilized at $5078.10.
Ricardo Evangelista, an analyst at ActivTrades, said, "The beginning of the week was marked by a return of risk appetite in the financial markets, which reflected in gains in stock indices, negatively affecting the prices of gold."
Global stocks rose in the Asian trading sessions, driven by continued gains in Tokyo after the victory of Japanese Prime Minister Sanae Takaitichi's party in the elections held at the beginning of the week.
The dollar rose by 0.1%, making the U.S. dollar-priced gold more expensive for buyers holding other currencies.
Investors are awaiting a number of U.S. economic data, including the non-farm employment report, tomorrow Wednesday, and inflation data on Friday.
According to the CME FedWatch tool, markets are currently expecting at least two cuts in U.S. interest rates this year. Kevin Hassett, the White House economic advisor, said yesterday, Monday, that employment growth rates in the United States may be lower in the coming months, due to slowing workforce growth and increased productivity.
Platinum fell in spot transactions by 1.4%, to $2093.30 per ounce, while palladium fell by 0.4%, to $1734.49.
