Gold falls from 6-week peak as traders turn to take profits

Gold prices fell today, Tuesday, after touching the highest level in 6 weeks in the previous session, as rising yields pressured US Treasury bonds, and profit taking on the precious metal, while investors await US economic data to evaluate the path of the Federal Reserve’s policy regarding interest rates.

The price of gold in spot transactions fell 0.4% to $4216.13 per ounce by 04:36 GMT, and gold futures contracts in the United States (December delivery) also fell by 0.7% to $4246.60 per ounce.

And in Other precious metals: Silver prices fell 1.5% to $57.10 per ounce, platinum fell 0.5% to $1649.72, and palladium fell 0.5% to $1417.0.

Traders are currently estimating the possibility of an interest rate cut by The US Central Bank in December by about 88%.

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