Gold falls on anticipation of Powell’s speech and ECB rate decision

Gold prices fell on Thursday, while investors awaited comments from Federal Reserve Chairman Jerome Powell and the European Central’s decision on the upcoming interest rate later Thursday.

And gold fell in spot transactions 0.1 percent to $ 1716.59 an ounce (an ounce) by 0609 GMT, after rising by about one percent on Wednesday.

US contracts did not witness little change and settled at 1728 dollars.

This comes as the dollar index settled near its highest level in two decades, which it touched in the previous session.

The Fed is expected to raise the interest rate by another 50 or 75 basis points this month.

Investors also expect the European Central to announce a large interest rate hike to curb inflation in its expected decision at 1215 GMT. The decision is set to be followed by a press conference with Bank President Christine Lagarde at 1245 GMT.

As for other precious metals, platinum fell 0.4 percent to $ 863.02 an ounce, and palladium fell 0.3 percent to $ 2037.47. Silver settled at $18.5143.