NEW YORK ( TheStreet) -- Gold prices were slumping on Tuesday as a stronger U.S. dollar coupled with anticipation for the Federal Reserve's minutes put downward pressure on the yellow metal. Gold prices
Gold for June delivery at the COMEX division of the CME was sliding $19.40 to $1,364.70 an ounce. The gold price traded as high as $1,399.90 and as low as $1,358 an ounce, while the spot price was dropping $22.10, according to Kitco's gold index.
"It looks mostly like it's in reaction to a firmer dollar, which is I suppose logical given that we're headed into the Fed testimony," said James Steel, chief commodities analyst at HSBC.
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