Gold falls on stronger U.S. dollar


By Xu JingUnreguser
  • World
  • Thursday, 04 Aug 2022

CHICAGO, Aug. 3 (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 December delivery fell 13.3 U.S. dollars, or 0.74 percent, to close at 1,776.4 dollars per ounce.

Rising U.S. treasury yields also dampened gold.

Positive economic data released on Wednesday further dampened gold. The S&P Global U.S. Services purchasing managers' index (PMI) fell to 47.3 in July from 52.7 in June, higher than 47.0 expected by economists.

The Institute for Supply Management's services index registered 56.7 percent, 1.4 percentage points higher than June's reading of 55.3 percent.

The U.S. Commerce Department reported that U.S. factory orders rose 2 percent in June after advancing 1.8 percent in May. Economists had forecast factory orders would increase 1.1 percent.

Silver for September delivery fell 24.5 cents, or 1.22 percent, to close at 19.894 dollars per ounce. Platinum for October delivery fell 16.5 dollars, or 1.82 percent, to close at 888.5 dollars per ounce.

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