LONDON: Gold fell to a one-week low on Tuesday as the US dollar rallied on expectations of a less aggressive interest rate cut by the Federal Reserve this month, while investors awaited Fed Chair Jerome Powell’s testimony on monetary policy.

Spot gold fell 0.4 per cent to $1,390.21 per ounce at 10:42 am EDT (1442 GMT). The session trough of $1,386.11 was its lowest since July 2.

US gold futures for August delivery shed 0.5pc to $1,392.50 per ounce.

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.15pc to 795.80 tonnes on Monday.

Among other precious metals, silver was little changed at $15.02 per ounce. Palladium was down 1pc at $1,546.11, and platinum fell 0.9pc to $806.07 per ounce.

Published in Dawn, July 10th, 2019