Gold prices edge lower following Fed remarks

Precious metal prices declined following comments by US Federal Reserve Board member Christopher Waller, who signaled readiness to support an interest rate increase.

According to trading data, cited by Report, June gold futures on the Comex exchange fell by 0.5% to $4,518 per ounce.

Silver futures declined by 0.8% to $76.12 per ounce, while platinum futures dropped by 1.6% to $1,933 per ounce.

Waller supported the Federal Reserve"s decision to move away from signaling that the regulator"s next step would more likely be a rate cut rather than a rate hike.