Gold prices continued their downward trend on Tuesday, falling below the $4,000 per ounce level, amid a steady U.S. dollar near its three-month highs. This decline is attributed to lower expectations of a further U.S. interest rate cut in December, as well as easing trade tensions between the United States and China, which weakened demand for the precious metal.
In trading details, spot gold fell 0.2% to $3,992.23 per ounce by 03:43 GMT. U.S. gold futures for December delivery also fell 0.3% to $4,001.40 per ounce.
According to Reuters: “The dollar held near a three-month high as a divided Federal Reserve (U.S. central bank) prompted traders to scale back bets on rate cuts.”
