Gold futures gave up almost all of their earlier gains by Tuesday afternoon, though still marked the highest most-active contract settlement since August 2013.
Federal Reserve Chairman Jerome Powell suggested Tuesday that an interest-rate cut in July is not a done deal. Following those comments, George Gero, managing director at RBC Wealth Management, said he expected to see profit taking in gold. A July interest-rate cut has been widely expected by investors and economists.
August gold rose 50 cents, or 0.04%, to settle at $1,418.70 on Comex-a far cry from an earlier high of $1,442.90.
Source : MarketWatch