Gold falls as U.S. dollar strengthens

By Xu JingUnreguser
  • World
  • Friday, 26 May 2023

CHICAGO, May 25 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Thursday as the U.S. dollar index rose.

The most active gold contract for June delivery fell 20.90 U.S. dollars, or 1.06 percent, to close at 1,943.70 dollars per ounce.

Fitch Ratings Inc. said Wednesday that it is considering downgrading the credit rating of the United States. The news helped boost the value of the U.S. dollar.

A hawkish shift in tone by some U.S. Federal Reserve officials also influenced the market. Minutes from the Fed's May policy meeting showed that "some" officials said they thought additional policy firming was "likely."

Economic data released on Thursday further dampened gold. The U.S. Commerce Department reported that the U.S. gross domestic product, the broadest measure of economic output, increased at an annualized rate of 1.3 percent in the first quarter, up from an initial estimate of 1.1 percent reported last month.

The U.S. Labor Department reported that the seasonally adjusted number of U.S. initial unemployment claims rose by 4,000 to 229,000 in the week ending May 20.

Silver for July delivery fell 33.00 cents, or 1.42 percent, to close at 22.91 dollars per ounce. Platinum for July delivery fell 3.20 dollars, or 0.31 percent, to close at 1,026.30 dollars per ounce.

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