Gold falls as U.S. dollar strengthens

By Xu JingUnreguser
  • World
  • Wednesday, 24 May 2023

CHICAGO, May 23 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Tuesday as the U.S. dollar strengthened.

The most active gold contract for June delivery fell 2.70 U.S. dollars, or 0.14 percent, to close at 1,974.50 dollars per ounce.

Progress in U.S. debt ceiling talks also dampened gold. Gold futures have settled below the psychologically 2,000-dollar level for sixth sessions in a row.

Economic data released Tuesday further dampened gold. The S&P Global flash U.S. services purchasing managers index (PMI) increased to 55.1 in May, up from 53.6 the month before and well above market expectations of 52.6. The S&P Global flash U.S. manufacturing PMI slipped to 51 from 52.4, though it was still higher than economists' prediction.

The U.S. Commerce Department reported that U.S. new home sales increased 4.1 percent to a seasonally adjusted annual rate of 683,000 units in April, the highest level since March 2022.

Investors are waiting for the minutes of the Federal Reserve's May monetary policy meeting to be released Wednesday, U.S. gross domestic product on Thursday, and inflation data on Friday.

Silver for July delivery fell 23.70 cents, or 0.99 percent, to close at 23.624 dollars per ounce. Platinum for July delivery fell 19.70 dollars, or 1.83 percent, to close at 1,057.60 dollars per ounce.

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