Gold retreats from 3-month peak as investor concerns about ‎Poland recede

Gold prices fell today, Wednesday, from the highest level in three months, which it recorded in the previous session, as it appeared that the statements of US President Joe Biden calmed investor fears about an explosion in Poland.

According to “Reuters”, spot gold fell 0.3 percent to $1,772.95 an ounce by 0714 GMT, after hitting its highest level since August 15 on Tuesday. US gold futures settled at $ 1776.‏

Biden said that the United States and its allies in NATO are investigating the explosion that killed two people in Poland, but preliminary information excludes that it was caused by a missile launch from Russia. Moscow denied responsibility

Biden’s comments lifted sentiment in financial markets in general, as the MSCI index, the broadest in Asia-Pacific shares outside Japan, soared 2%.

Meanwhile, data on Tuesday showed US producer prices rose less-than-expected in October, further evidence that inflation is beginning to ease.

The data, which came after last week’s announcement of a smaller-than-expected increase in consumer prices in October, raised hopes that the Federal Reserve (the US central bank) will slow the pace of raising interest rates.

As for other precious metals, spot silver rose 0.2 percent to $21.58 an ounce. Platinum fell 0.5 percent to $1,009.62, and palladium fell 0.8 percent, to $2,081.50.