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Gold prices fell as palladium prices fell to a one-week low

2019-07-09 08:48 am | Resource: News | No Views : 60

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Gold prices fell below $ 1400; palladium prices fell to a one-week low as investors assessed the possibility of a US rate cut this month, ahead of Federal Reserve Chairman Jerome Powell's testimony on Wednesday and Thursday before Congress.

Palladium prices fell on Tuesday, erasing the precious metal gains recorded in the last seven days. With most stock markets around the world tumbling ahead of US Federal Reserve Chairman Jerome Powell's testimony to Congress, during which investors will monitor future monetary policy signals in the world's largest economy as US sovereign debt continues to climb further.

US markets are down before the market as trade concerns continue

US stock markets ahead of the bell on Tuesday, amid concerns that global trade tensions could escalate and hopes of a rate cut are slipping in the near future. The US Commerce Department earlier announced it would impose additional duties on steel imports from China and Mexico, while Beijing urged Washington to cancel the $ 2.2 billion arms export deal with Taiwan.
  • The Dow dropped another 120 points and rose 0.45% at 10:25 am CET.
  • The Nasdaq 100 fell 0.74%
  • The S & P 500 fell 0.47% at the same time.

The dollar index, which tracks the performance of the greenback against a basket of six currencies, was steady at 97.43 points. Meanwhile, the euro lost 0.10% against the dollar to trade at 1.1203 at 4:24 pm Eastern Time.

Precious metal trades
  • Palladium lost 1.12% to close at $ 1543.74 an ounce at 10:01 CET.
  • At the same time, platinum fell 0.80% to $ 810.54 an ounce.
  • Gold fell 0.22% to $ 1.391.99 per ounce at 10:02 am CET
  • While silver was steady to negative, losing 0.08% to $ 15.02 an ounce at the same time.

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