Gold falls on stronger U.S. dollar
Aug 16, 2022
Chicago [US], August 16: Gold futures on the COMEX division of the New York Mercantile Exchange fell on Monday as the U.S. dollar rose.
The most active gold contract for December delivery fell 17.4 U.S. dollars, or 0.96 percent, to close at 1,798.1 dollars per ounce.
Financial markets in India were closed Monday in celebration of Independence Day, further dampening gold.
Economic data released Monday are supportive of gold, capping its fall somewhat. The New York Fed's Empire State business conditions index, a gauge of manufacturing activity in the state, plummeted 42.4 points to negative 31.3 in August. This is among the lowest levels in the survey's history.
The National Association of Home Builders' monthly confidence index fell six points to 49 in August. The August reading of 49 is the first time since May 2020 that the index fell below a break-even measure of 50.
Silver for September delivery fell 42.6 cents, or 2.06 percent, to close at 20.272 dollars per ounce. Platinum for October delivery fell 25.8 dollars, or 2.69 percent, to close at 933.6 dollars per ounce.
Source: Xinhua
