Investing.com - Gold prices fell on Tuesday as investors avoided the yellow metal and the greenback as well after the Bank of Japan left monetary policy unchanged, creating uncertainty as to whether or not the Federal Reserve will follow suit.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery were down 0.67% at USD1,376.65 a troy ounce in U.S. trading on Tuesday, up from a session low of USD1,366.25 and down from a high of USD1,387.05 a troy ounce.
Gold futures were likely to test support USD1,353.35 a troy ounce, the low from May 22, and resistance at USD1,388.45, Monday's high.
The Bank of Japan earlier left monetary policy unchanged, which sent the yen soaring by confounding expectations held by many investors for policy to loosen further.
The decision sparked uncertainty in currency markets as to whether the Federal Reserve will follow suit and end the days of globally loose monetary policy, which sent investors chasing the yen over the dollar.
Gold and the dollar tend to trade inversely from one another, though both assets bucked the trend on Tuesday over uncertainty if the Fed will dismantle its stimulus tools or not.
Standard & Poor’s on Monday revised its long-term outlook on the U.S. credit rating to stable from negative and affirmed the country's AA+/A-1+ rating.
The news boosted expectations for the Federal Reserve to begin scaling back stimulus measures soon now that the economy appears to be improving.
Better-than-expected data out of the labor market have done likewise, though Fed officials have insisted that they'd like to see an unemployment rate of around 6.5%, well beneath current levels of 7.6%.
The uncertainty on Tuesday sent investors seeking safety in the yen, which came at the expense of both gold and the dollar.
Elsewhere on the Comex, silver for July delivery was down 1.38% at USD21.623 a troy ounce, while copper for July delivery was down 1.54% and trading at USD3.191 a pound.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery were down 0.67% at USD1,376.65 a troy ounce in U.S. trading on Tuesday, up from a session low of USD1,366.25 and down from a high of USD1,387.05 a troy ounce.
Gold futures were likely to test support USD1,353.35 a troy ounce, the low from May 22, and resistance at USD1,388.45, Monday's high.
The Bank of Japan earlier left monetary policy unchanged, which sent the yen soaring by confounding expectations held by many investors for policy to loosen further.
The decision sparked uncertainty in currency markets as to whether the Federal Reserve will follow suit and end the days of globally loose monetary policy, which sent investors chasing the yen over the dollar.
Gold and the dollar tend to trade inversely from one another, though both assets bucked the trend on Tuesday over uncertainty if the Fed will dismantle its stimulus tools or not.
Standard & Poor’s on Monday revised its long-term outlook on the U.S. credit rating to stable from negative and affirmed the country's AA+/A-1+ rating.
The news boosted expectations for the Federal Reserve to begin scaling back stimulus measures soon now that the economy appears to be improving.
Better-than-expected data out of the labor market have done likewise, though Fed officials have insisted that they'd like to see an unemployment rate of around 6.5%, well beneath current levels of 7.6%.
The uncertainty on Tuesday sent investors seeking safety in the yen, which came at the expense of both gold and the dollar.
Elsewhere on the Comex, silver for July delivery was down 1.38% at USD21.623 a troy ounce, while copper for July delivery was down 1.54% and trading at USD3.191 a pound.