Global gold prices fell during trading on Tuesday, as investors await a series of US economic data to gauge the size of the expected interest rate cut by the Federal Reserve this month.
“Gold is unable to regain levels around its all-time highs due to the lack of fresh positive catalysts,” said Kelvin Wong, senior market analyst for Asia-Pacific at OANDA. “If we see US data pointing to a weak economy and the Fed moving towards rate cuts, gold will rise. Prices could rally to $2,640 this year.”
