Gold prices edged lower in Asian trade on Tuesday as rate uncertainty persisted ahead of the Federal Reserve’s June meeting minutes.
Spot gold slipped 0.6% to $4,140.88 per ounce, while front‑month gold futures fell 0.3% to $4,153.19 per ounce by 21:10 ET (01:10 GMT). Silver also retreated, with the spot price down 1.3% at $61.2555 per ounce, and platinum dropped 0.5% to $1,627.02 per ounce.
The decline came amid renewed concerns that a vessel collision in the Strait of Hormuz could disrupt energy supplies and lift inflation, which helped keep the U.S. dollar strong and pressured precious‑metal prices. Market participants are focused on the Fed’s June minutes, expected to provide further guidance on the central bank’s interest‑rate trajectory. New Fed Chair Kevin Warsh has signaled a desire to taper the Fed’s public messaging and reiterated the commitment to a 2 % annual inflation target, leaving investors wary of possible tightening.
The article notes that gold had rallied sharply the previous week, recovering from its lowest levels of the year after softer‑than‑expected payroll data eased rate‑rise concerns and the dollar fell from a 13‑month high, but caution remains due to sticky inflation expectations.