Gold falls on stronger U.S. dollar


By Xu Jing

CHICAGO, July 5 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Tuesday as the U.S. dollar rose.

The most active gold contract for August delivery fell 37.6 U.S. dollars, or 2.09 percent, to close at 1,763.9 dollars per ounce.

Gold fell below the key 1,800-dollar-an-ounce level to its lowest price so far this year, as recession fears and faster interest rate hikes by most central banks have accelerated the sell-off.

Technical indicators for gold are now fully bearish.

Minutes from the Federal Open Market Committee's June meeting is due out on Wednesday, and the monthly data on U.S. nonfarm payrolls will come out on Friday. The two events may bring significant volatility to gold prices, market analysts hold.

Silver for September delivery fell 54.6 cents, or 2.78 percent, to close at 19.121 dollars per ounce. Platinum for October delivery fell 20.6 dollars, or 2.36 percent, to close at 850.7 dollars per ounce.

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