Gold prices fell today, Wednesday, which reinforced fears that interest rates would remain high for a longer period in order to curb inflation, as the price of gold in spot transactions fell 0.2 percent to $4,476.50 per ounce by 01:03 GMT. US gold futures for August delivery also fell 0.3 percent to $4,504.40.
Cleveland Federal Reserve Chair Beth Hammack said yesterday that the US central bank may have to raise interest rates soon if already high inflation pressures continue to escalate. Investors are now awaiting US nonfarm payrolls data, scheduled for release later today, and Friday’s employment report to assess the path of the Federal Reserve’s monetary policy. Swiss customs data issued yesterday showed that gold exports from Switzerland in April fell by 20 percent from the previous month, as shipments to Britain and China slowed, which offset the rise in shipments to India and Hong Kong.
India has tightened restrictions on silver imports in an attempt by its largest consumer in the world to curb shipments and ease pressure on the rupee.
The price of silver in spot transactions fell 0.5 percent to $74.73 per ounce, platinum lost 0.2 percent to $1,932.25, and palladium fell 0.3 percent to $1,365.25.
