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Gold falls below $2,000 for the first time in two months
Gold prices fell by about 1.5% to the lowest level in two months during these moments of trading, Tuesday, as the yellow metal fell below $2,000 for the first time since December, as the US inflation report, which was stronger than expected, reduced the chances of an early reduction. Interest rates from the US Federal Reserve.
Gold in spot transactions fell 1.3% to $1,992.5042 per ounce, its lowest level since December 13. US gold futures also fell 1.3% to $2,005.60.
Data showed that US consumer prices rose more than expected in January amid an increase in shelter and health care costs.
US Federal Reserve monetary policymakers will likely wait until June before cutting interest rates, as traders are betting after the US Consumer Price Index data.
In spot transactions, platinum fell 1.8% to $872.5872 per ounce, palladium fell 3.1% to $864.6654, and silver lost 2.8% to $22.0646.
After the release of inflation data, the dollar jumped to its highest level in three months against its competitors, making gold more expensive for holders of other currencies. The 10-year US Treasury bond yield also rose.
Investors will now focus on Thursday's retail sales data and Friday's Producer Price Index numbers. The market will also hear comments from a large number of Fed officials this week.
