Gold prices fell below $4,800 an ounce on Tuesday, as investors remained cautiously optimistic about the prospects for peace talks between the United States and Iran, following heightened geopolitical tensions earlier in the week.
Gold futures for June delivery fell 0.6%, or $29.50, to $4,799.30 an ounce.
Meanwhile, the spot price of the yellow metal fell by 0.9% to settle at $4,778.05 per ounce.
Losses also extended to silver, which fell by about 1.1% to $78.85 an ounce.
In other trading, the US dollar index, which measures the currency’s performance against a basket of six major currencies, held steady near the 98.13 level, limiting precious metals’ movements.
In contrast, silver futures for May delivery fell 1.5% to $79.40 an ounce.
The downward trend also affected other metals, with spot platinum prices falling 0.9% to $2,074.35 an ounce.
Meanwhile, palladium fell 0.7% to $1,557.95, amid a general trend towards reducing positions in risk-related assets.
Markets are focused today on US retail sales data, which may provide new clues about the strength of consumer spending and the trajectory of the economy.
In addition, there is anticipation of Kevin Warsh's testimony before the Senate Banking Committee regarding his nomination to head the Federal Reserve, which could have a direct impact on monetary policy expectations and market movements.
