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Gold prices fell on Wednesday, November 16, 2022, from their highest level in three months, recorded in the previous session, as statements by US President Joe Biden appear to have calmed investor worries about an explosion in Poland .
Spot gold fell 0.3% to $1,772.95 an ounce by 0714 GMT, after hitting its highest level since August 15 on Tuesday.
US gold futures settled at $1,776.
Biden said the United States and its NATO allies were investigating the explosion that killed two people in Poland, but preliminary information ruled out it was caused by a rocket launch from Russia. Moscow has denied responsibility.
Biden’s comments lifted sentiment in broader financial markets, as the MSCI index, the largest of Asia-Pacific stocks outside of Japan, rose 2%.
Meanwhile, data on Tuesday showed that US producer prices rose less than expected in October, further evidence that inflation is easing.
The data, which followed last week’s announcement of a lower-than-expected increase in consumer prices in October, raised hopes that the US Federal Reserve will slow the pace of interest rate hikes, limiting the possible fall of gold prices.
Elsewhere, spot silver rose 0.2% to $21.58 an ounce. Platinum was down 0.5% to $1,009.62 and palladium was down 0.8%, to $2,081.50.
