Today's Edition
(REUTERS)
Gold extended losses on Tuesday, accompanied by a stronger dollar, with investors awaiting the minutes of the January FOMC meeting, due later this week.
Spot gold dropped 0.8% to $4,953.90 per ounce by 0345 GMT, after losing 1% earlier in the session. US gold futures for April delivery lost 1.5% to $4,972.90 per ounce.
The US dollar index rose 0.2% against a basket of currencies, making greenback-priced bullion more expensive for holders of other currencies. Investors are awaiting the minutes of the Federal Reserve's January meeting, due Wednesday, for further clues about monetary policy going forward, and currently expect the first interest rate cut to be in June, according to CME's FedWatch Tool.
Non-yielding bullion tends to do well in low-interest-rate environments.
Spot silver fell 1.6% to $75.33 per ounce, after dropping over 3% earlier. Spot platinum shed 1.3% to $2,014.08 per ounce, while palladium lost 2.3% to $1,685.48.
