Wed, 28 Jul 2021

Gold falls ahead of Fed chair testimony

23 Jun 2021, 05:18 GMT+10

CHICAGO, June 22 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Tuesday as investors took positions ahead of Federal Reserve Chairman Jerome Powell's testimony before the U.S. Congress.

The most active gold contract for August delivery fell 5.5 U.S. dollars, or 0.31 percent, to close at 1,777.4 dollars per ounce.

Powell is to testify before Congress, due after the market's close. Investors are waiting for hints for the direction of gold. Powell indicated last week that the Fed had begun to discuss reducing the asset buying program, which had put pressure on gold.

The National Association of Realtors reported on Tuesday that U.S. existing home sales were down 0.9 percent from April to a seasonally adjusted annual rate of 5.8 million in May. However, the median existing home price across all housing types hit a record high of 350,300 dollars in May, up 23.6 percent from the year before.

Silver for July delivery fell 16.8 cents, or 0.65 percent, to close at 25.857 dollars per ounce. Platinum for July delivery rose 19.6 dollars, or 1.87 percent, to close at 1,070.2 dollars per ounce.

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