Gold trades lower as investors eye OPEC deal
Precious metals traded mostly in the red on Tuesday as investors turned their focus on the Organization of the Petroleum Exporting Countries (OPEC) meeting in Vienna in hopes the major oil producers will agree on the next oil output freeze deal. Therefore, stocks in Europe traded in the green as Wall Street is anticipated to open higher as well, driving the demand for the yellow metal downwards.
The gold spot price shed 0.75%, changing hands for $1,184.92 per ounce at 2:01 p.m. CET. Silver decreased 0.72% to trade for $16.50 per ounce at 2:03 p.m. CET. Meanwhile, platinum also lost 0.38% at $921 per ounce at 2:02 p.m. CET while palladium gained 0.13%, trading for $785.50 per ounce at 2:03 p.m. CET.
The dollar index spot traded in the green, adding 0.28% at 101.46 at 2:04 p.m. CET. The greenback also added 0.24% against the euro at 1.0582 at 2:05 p.m. CET while it declined 0.45% against the British pound at 1.2467 at the same time.