Gold fell after signs from the Fed that interest rates will continue to rise

Gold prices fell slightly on Tuesday after traders carefully weighed comments by Federal Reserve officials about keeping interest rates high, while talks on raising the US debt ceiling and the risk of default limited losses for bullion.

Spot gold prices fell 0.2% to $2015.84 an ounce by 0452 GMT, while US gold futures fell 0.1% to $2020.40.

The price of gold reached $2072.19 this month, hovering around its record level of $2072.49, after the Federal Reserve hinted that rapid interest rate increases might end.

And members of the US Central Bank indicated on Monday that interest rates will remain high, and if new, they may rise again, given the slow pace with which inflation rates are falling and the economy is showing only temporary signs of weakness.

Market participants are also closely following the developments in the discussions to raise the US debt ceiling, and US President Joe Biden is scheduled to hold talks on this matter with Republican politician Kevin McCarthy, Speaker of the House of Representatives, at 1900 GMT on Tuesday.

In terms of other precious metals, the spot silver price fell 0.4 percent to $24.01 an ounce, platinum fell 0.1 percent to $1063.76, while the price of palladium settled at $1532.28.