WASHINGTON (dpa-AFX) - Gold prices dropped on Tuesday as the dollar stayed firm with traders assessing the likely interest rate moves of the Federal Reserve, while looking ahead to the release of minutes from the central bank's latest policy meeting.
The dollar index advanced to 104.77 around mid morning, and was last seen at 104.65, up marginally from the previous close.
Gold futures for May ended lower by $12.20 or about 0.5% at $2,421.70 an ounce, turning weak after two straight days of gains.
Silver futures for May ended down by $$0.337 or about 1.05% at $31.868 an ounce, while Copper futures climbed to $5.1125, up $0.0335.
Fed Vice Chair Philip Jefferson said on Monday that it is difficult to tell if the slowdown in inflation is 'long lasting.'
Vice Chair Michael Barr stated in a speech that the Fed's restrictive policy would need 'some further time to continue to do its work.'
Atlanta Fed President Raphael Bostic said that prices will drop at a slower pace than many had expected.
According to CME Group's FedWatch Tool, the likelihood that interest rates will be lower by September have fallen to 76.3% from close to 90% last week.
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