Gold falls as U.S. dollar strengthens

By Xu JingUnreguser
  • World
  • Tuesday, 06 Dec 2022

CHICAGO, Dec. 5 (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 February delivery fell 28.3 U.S. dollars, or 1.56 percent, to close at 1,781.3 dollars per ounce.

Rising U.S. treasury yields further pressured gold.

Economic data released Monday also dampen gold. The U.S. Department of Commerce reported that U.S. new orders for manufactured goods increased 1 percent in October on month after rising by 0.3 percent in September. The growth is also higher than an increase of 0.7 percent expected by economists.

The Institute for Supply Management's composite services index increased to 56.5 percent in November, rising 2.1 points from 54.4 percent in October.

The seasonally adjusted final S&P Global US Services PMI Business Activity Index registered 46.2 in November, down from 47.8 in October but broadly in line with the earlier released 'flash' estimate of 46.1.

Silver for March delivery fell 83.3 cents, or 3.58 percent, to close at 22.417 dollars per ounce. Platinum for January delivery fell 19.1 dollars, or 1.86 percent, to close at 1,007.50 dollars per ounce.

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