Gold falls in correction

By Xu JingUnreguser
  • World
  • Saturday, 10 Jun 2023

CHICAGO, June 9 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Friday in correction as profit taking took place after the gold price runs up from the fourth-quarter lows.

The most active gold contract for August delivery fell 1.40 U.S. dollars, or 0.07 percent, to close at 1,977.20 dollars per ounce.

A strong U.S. dollar index also damped gold. Nevertheless, gold managed to hold onto a modest gain of 0.4 percent for the week.

Investors are awaiting release of the U.S. consumer price index (CPI) on Tuesday, and the Federal Open Market Committee (FOMC) meeting results on Wednesday.

Investors are expecting interest rates to remain unchanged at the June FOMC meeting next week, although there is a possibility of a 25-basis-point rate hike, depending on the inflation data.

Silver for July delivery rose 6.20 cents, or 0.25 percent, to close at 24.41 dollars per ounce. Platinum for July delivery fell 1.10 dollars, or 0.11 percent, to close at 1,012.80 dollars per ounce.

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