Gold is down 1% pending the Fed

Gold fell on Tuesday, with prices slipping to a one-month low as investors prepare for the Federal Reserve’s monetary policy announcements on Wednesday.

In particular, the August delivery of gold lost $ 18.30 or 1% and closed at $ 1,813.50 an ounce on the New York Mercantile Exchange. This is the lowest level since May 13.

Silver suffered the biggest losses, with the July contract falling 30 cents or 1.4% to $ 20,954 per ounce. Copper for the same month lost 1.3% to $ 4.1565 a pound.

Analysts do not rule out the possibility of the Fed raising its interest rates even further by 75 basis points tomorrow, as the central bank tries to deal with the inflation rally.

As for the course of other metals, platinum in July fell 2.3% to $ 910.70 per ounce, while palladium September closed with small gains of 0.1% to $ 1,780.20 per ounce.