Gold falls on stronger U.S. dollar


By Xu JingUnreguser

CHICAGO, June 29 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday as the U.S. dollar rose.

The most active gold contract for August delivery fell 3.7 U.S. dollars, or 0.2 percent, to close at 1,817.5 dollars per ounce.

During a panel discussion with other top heads of central banks at a European Central Bank policy conference in Sintra, Portugal, U.S. Federal Reserve Chairman Jerome Powell said on Wednesday there was no guarantee that the central bank can engineer a soft landing for the U.S. economy.

Fed officials have approved a series of interest rate hikes and are expected to continue tightening policy until inflation gets closer to their 2-percent goal.

U.S. Commerce Department reported Wednesday that U.S. real gross domestic product (GDP) decreased at an annual rate of 1.6 percent in the first quarter of 2022, giving gold some support.

Silver for September delivery fell 13.4 cents, or 0.64 percent, to close at 20.738 dollars per ounce. Platinum for October delivery rose 4.3 dollars, or 0.47 percent, to close at 909.9 dollars per ounce.

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!
   

Next In World

Mass fish die-off in German-Polish river blamed on unknown toxic substance
At least five people killed, 100 hurt in Somaliland protests
French cartoonist Sempe, famous for New Yorker covers, dies age 89
UK's Yorkshire Water to introduce hosepipe ban from August 26
‘The Sims 4’: Third-party ‘modders’ bring abortion features to the game
German ex-chancellor Schroeder sues Bundestag to regain privileges -DPA
Scam loan apps extorting Mexicans thrive in Google Play Store
Meditation startup Calm cuts 20% of its 400 employees
Three Amazon workers died on the job in New�Jersey�over past month, authorities say
First export of wheat under U.N. deal as two more ships leave Ukraine

Others Also Read