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.

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