New York gold prices fell by 1.7% as investors weigh signs of easing tensions in the Middle East and clues from Powell's Fed rate cut.

On Tuesday in New York, spot gold fell by 1.35%, closing at $3323.69 per ounce. It opened slightly higher at 06:00 Beijing time before quickly turning lower and continuing to decline, hitting a low of $3295.62 at 21:49 Beijing time. This was followed by comments from Federal Reserve Chairman Powell about the possibility of a rate cut by the FOMC this year. COMEX gold futures fell by 1.71%, closing at $3336.90 per ounce with a continuous downward trend throughout the day. The Philadelphia Gold and Silver Index fell by 1.91%, closing at 203.81 points. Spot silver dropped by 0.48%, closing at $35.9258 per ounce, showing a W-shaped pattern throughout the day and hitting a low of $35.2845 at 21:57. COMEX silver futures fell by 0.90%, closing at $35.860 per ounce, hitting a low of $35.195 at 21:57. COMEX copper futures rose by 0.18%, closing at $4.8945 per pound.