New York

Gold falls on strong dollar

CHICAGO, Nov. 3 (Xinhua) — Gold futures on the COMEX division of the New York Mercantile Exchange fell Thursday. This was because the US dollar index and US Treasury yields rose.

The most active gold contract for December delivery fell by US$19.1 (1.16%) to close at $1,630.9 an ounce.

This is the lowest closing price among the most active gold contracts since early April 2020.

The Federal Reserve on Wednesday raised interest rates another 0.75 percentage points to 3.75-4 percent, the highest level in 15 years. In a post-meeting press conference, Fed Chairman Jerome Powell said it would be “appropriate to slow the pace of rate hikes,” but said it was “very premature” to consider a moratorium on rate hikes. too much inflation.

Powell’s remarks about rising interest rates pushed the US dollar index and US Treasury yields higher and sent gold prices lower.

Economic data released on Thursday were mixed. The U.S. Department of Labor reported that the number of initial U.S. jobless claims for the week ending Oct. 29 fell by 1,000 to a seasonally adjusted 217,000.

The S&P Global US Services PMI fell to 47.8 in October from 49.3 in September, but was up slightly from its preliminary reading of 46.6.

The US Department of Labor reported that US nonfarm productivity, which measures output per worker per hour, rose at an annualized rate of 0.3 last quarter.

The Institute for Supply Management’s services PMI was 54.4%, down 2.3 percentage points from its September figure.

Silver for December delivery fell 16.4 cents (0.84%) to close at $19.43 an ounce. Platinum for January delivery fell $26.8 (2.82%) to close at $924.1 an ounce.

https://www.bignewsnetwork.com/news/273034725/gold-falls-on-us-dollar-strength?utm_source=feeds.bignewsnetwork.com&utm_medium=referral Gold falls on strong dollar

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