Gold falls as U.S. dollar strengthens


By Xu JingUnreguser
  • World
  • Tuesday, 05 Dec 2023

CHICAGO, Dec. 4 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Monday as the U.S. dollar and Treasury yields rose.

The most active gold contract for February delivery fell 47.50 U.S. dollars, or 2.27 percent, to close at 2,042.20 dollars per ounce.

Fueled by rate cut expectations, gold once surpassed its previous peak from August 2020 and hit new historical highs at 2,144.60 dollars, but declined quickly.

However, as the Federal Reserve is cautious with regard to premature policy easing, market analysts remain cautiously optimistic about the gold market.

Investors are looking forward to the big jobs report due out Friday.

The U.S. Commerce Department reported Monday that U.S. orders for manufactured goods fell 3.6 percent in October, pulled down by the transportation sector. Economists were expecting a 3.5-percent decline. It is only the second decline in the past eight months.

Silver for March delivery fell 95.00 cents, or 3.67 percent, to close at 24.907 dollars per ounce. Platinum for January delivery fell 11.00 dollars, or 1.18 percent, to close at 925.10 dollars per ounce.

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