Gold falls as U.S. dollar strengthens

By Xu JingUnreguser
  • World
  • Tuesday, 29 Nov 2022

CHICAGO, Nov. 28 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Monday as the U.S. dollar strengthened.

The most active gold contract for December delivery fell 13.7 U.S. dollars, or 0.78 percent, to close at 1,740.3 dollars per ounce.

Federal Reserve Bank of New York President John Williams said in a speech Monday at the Economic Club of New York that the interest rates need to rise further and stay high through next year but could be lowered during 2024.

Williams expects unemployment to rise to 4.5 percent to 5 percent by the end of next year from 3.7 percent now, and inflation to slow from the rate of between 5 percent to 5.5 percent at the end of the year to 3 percent to 3.5 percent next year.

In an interview with MarketWatch, St. Louis Fed President James Bullard said that the Federal Reserve needs to raise interest rates quite a bit further and then hold it there throughout 2023 and into 2024 to control inflation and bring it back down toward the U.S. central bank's 2 percent goal.

Investors are also waiting for release of a series of U.S. economic data this week, including the third-quarter GDP reading on Wednesday, personal consumption expenditures (PCE) price index Thursday, and monthly jobs data Friday.

Silver for December delivery fell 51.5 cents, or 2.4 percent, to close at 20.915 dollars per ounce. Platinum for January delivery rose 11.5 dollars, or 1.16 percent, to close at 999.3 dollars per ounce.

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