Gold falls to its lowest price in three months amid expectations to raise interest rates

Gold falls to its lowest price in three months amid expectations to raise interest rates

Gold prices fell for the first time in six sessions on Tuesday, where as investors enjoyed gains from the recent rally, which led to trading prices at the highest price in three months.

Gold for June delivery fell by US $ 6.00 per ounce, or the equivalent of 0.49%, to trade at $ 1,221.60 per troy ounce during European morning trade. The futures traded in a narrow range between $ 1,219.40 per ounce and $ 1,225.40 per ounce.

The previous day, gold rose to trade at 1,2232.00, the highest price since February 17, before the end of trading by $ 1,227.60 per ounce, up by 2.30 cents, or the equivalent of 0.19%.

Gold is likely to find support at $ 1,210.60 per ounce, the lowest price since May 15, and resistance at $ 1,236.70 per ounce, the highest price since 17 February

Also silver for July delivery fell 28.5 cents, or the equivalent of 1.61%, to trade at $ 17.44 per ounce ,. On Monday, silver rose to trade at $ 17.77 per ounce, a price not recorded by silver since February 23 before closing trading at $ 17.73 per ounce higher by 16.9 cents, or the equivalent of 0.96%.

The dollar index, which measures the strength of the dollar against a basket of six major currencies, rose 0.7 percent to 94.89, rebounding from the lowest price last week in four months of 93.16.

Elsewhere in the metals trade, copper delivery in July fell 3.4 cents, or the equivalent of 1.15%, to trade at $ 2,873.

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