Gold Declines as USD Strengthens Across the Board

Gold prices declined on Tuesday, registering its biggest loss since the beginning of last week, as the U.S. Dollar (USD) rose against major peers.

Markets are seemingly not paying the usual attention to today’s remarks by the Chairman of the United States Federal Reserve, who spoke in an academic virtual town hall event on economic education with students and educators.

However, any comments regarding the central bank’s September meeting remain highly anticipated.

Powell is yet to maintain the same tone of patience in policy normalization or publicly endorse the view of many Fed officials, who recently expressed support for tapering the massive asset purchases, as the economy and labor market show recovery signs and the inflation rate well above the 2% strategic target.

Today, the yellow metal’s front-month futures finished lower by $1.90, or 0.11%, at $1,785 per ounce.

Gold futures are down by about 1.52% since the beginning of August.