Gold falls on U.S. dollar strength
Sep 27, 2022
Chicago [US], September 27: Gold futures on the COMEX division of the New York Mercantile Exchange fell on Monday as the U.S. dollar rose sharply.
The most active gold contract for December delivery fell 22.2 U.S. dollars, or 1.34 percent, to close at 1,633.4 dollars per ounce.
Gold closed at its lowest price since April 1, 2020, as the U.S. dollar index rose to its fresh 20-year high and the U.S. 10-year Treasury yield climbed to its highest level since 2010.
Series of interest rate hikes by central banks last week have put gold under heavy pressure. Investors are waiting for a series of U.S. inflation data to be released this week.
With no prospect of central banks changing their course of aggressive monetary policy tightening in the coming months, the medium-term outlook for gold looks gloomy, market analysts hold.
The Chicago Fed National Activity Index fell to zero in August from a revised 0.29 in July, suggesting the economy expanded at its historical average growth pace.
Silver for December delivery fell 43 cents, or 2.27 percent, to close at 18.48 dollars per ounce. Platinum for October delivery fell 8.6 dollars, or 1 percent, to close at 850.1 dollars per ounce.
Source: Xinhua
