Gold falls on stronger U.S. treasury yields


By Xu JingUnreguser

CHICAGO, Aug. 17 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday as the U.S. treasury yields rose.

The most active gold contract for December delivery fell 13 U.S. dollars, or 0.73 percent, to close at 1,776.7 dollars per ounce.

Shortly after the floor trading of gold closed, the Federal Reserve released the Federal Open Market Committee minutes, showing the Federal Reserve believes that a more restrictive policy stance is required to meet the dual mandate of inflation control and boosting employment. The Federal Reserve also anticipates a slower pace of rate hikes at some point.

Gold rebounded somewhat in electronic trading after the release of the minutes.

Many Federal Reserve officials were also worried about overtightening.

The U.S. Commerce Department reported Wednesday that U.S. retail sales were unexpectedly unchanged in July as a result of falling gasoline prices, better than expected.

Silver for September delivery fell 35.4 cents, or 1.76 percent, to close at 19.731 dollars per ounce. Platinum for October delivery fell 12 dollars, or 1.29 percent, to close at 919.3 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

Russian bodies, shattered vehicles mark Moscow's loss of Ukrainian town
Peru Marxist party wins mayoral races near MMG's troubled Las Bambas copper mine
Iranian-made drones hit Ukraine's Kyiv region for first time- officials
European trade unions urge action to tackle cost-of-living crisis
Trailblazing Brazilian trans lawmakers face more conservative Congress
Strategic gas reserves in France are almost full: CRE
AfDB approves 25 mln USD loan as trade finance support for Nigerian SMEs
German exports to China rise 2.9 pct in August
Feature: Namibian teacher relays care to struggling learners
1st LD Writethru: Death toll in India's bus mishap rises to 33

Others Also Read