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Metals Stocks: Gold nears multiweek low as bias tilts to higher interest rates

Reuters

Gold coins and gold chain found in the wreckage of a 1715 Spanish fleet that sunk in the Atlantic off the Florida coast.

Gold prices traded slightly lower Tuesday as investors awaited the next set of clues on the timing and pace of expected U.S. interest-rate increases.

Higher rates can boost the U.S. dollar and make gold less competitive against interest-bearing investments. The greenback largely advanced against chief rivals Tuesday, adding to selling pressure for gold and silver. The U.S. Dollar Index DXY, +0.04% was mostly flat at 96.43 in early trade.

The CME Group’s Fed Watch tool, which tracks pricing in short-term interest-rate futures, puts the chance of a rate increase by year-end at about coin toss.

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