Gold Prices Fall Amid Geopolitical Tensions
Kyiv • UNN
Gold prices are declining due to geopolitical tensions in Europe and the Middle East. The spot price fell by 0.6%, and August futures fell by 0.4%.
The spot price of gold fell by 0.6%, and August gold futures fell by 0.4%. UNN reports with reference to Investing.
Details
Gold prices fell on Asian trades on Tuesday. Among the reasons are the current uncertainty in trade, increased geopolitical tensions in Europe and the Middle East. It is interesting that against the background of news about higher US trade duties on Monday, the price of gold was still rising. But fears about deteriorating relations with China have also increased demand for safe assets.
Reference
Spot gold fell 0.6% to $3,361.24 an ounce, while August gold futures fell 0.4% to $3,384.92 an ounce as of 04:32. On Monday, spot gold rose by more than 2%.
Context
Precious metal prices started June on a strong note after Ukraine carried out a deadly drone strike on Russian airfields. Although earlier, among the factors was the fact that the Kremlin did not demonstrate intentions to achieve a lasting ceasefire.
In addition, nuclear talks between the United States and Iran appear to have broken down after President Donald Trump stated that Tehran would not be allowed to enrich uranium.
Let us remind you
Gold has fallen in price by 0.5% due to strengthening of the dollar. Investors are waiting for data on the personal consumption expenditure price index in the US to assess the further policy of the Federal Reserve