Gold falls as U.S. dollar strengthens

By Xu Jing
  • World
  • Thursday, 25 May 2023

CHICAGO, May 24 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday as the U.S. dollar strengthened.

The most active gold contract for June delivery fell 9.90 U.S. dollars, or 0.50 percent, to close at 1,964.60 dollars per ounce.

The impasse over the U.S. debt-ceiling in Washington also boosted safe-haven demand for gold.

Shortly after the floor trading of gold closed, the Federal Reserve released minutes of its May 2-3 meeting. In their discussion of the outlook for policy, "several" officials said that if the economy evolved as they expected, further policy firming after this meeting may not be needed.

Only "some" officials said they thought additional policy firming was "likely."

Some Fed officials said the Federal Reserve should communicate that cuts in interest rates were not likely this year and that further rate hikes had not been ruled out.

The Federal Reserve maintained its forecast for a mild recession in 2023.

Investors are waiting for the release of U.S. gross domestic product on Thursday, and inflation data on Friday.

Silver for July delivery fell 38.40 cents, or 1.63 percent, to close at 23.24 dollars per ounce. Platinum for July delivery fell 28.10 dollars, or 2.66 percent, to close at 1,029.50 dollars per ounce.

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