Gold falls on stronger U.S. data
Aug 31, 2022
Chicago [US], August 31:Gold futures on the COMEX division of the New York Mercantile Exchange fell on Tuesday as investors reacted to stronger U.S. data.
The most active gold contract for December delivery fell 13.4 U.S. dollars, or 0.77 percent, to close at 1,736.3 dollars per ounce.
Gold settled at its lowest level since late July.
U.S. economic data released Tuesday were positive, dampening gold. The Conference Board's consumer confidence index rose in August to 103.2 from 95.3 in July.
The U.S. Labor Department reported that U.S. job openings rose unexpectedly in July, with the number of available positions edging up to 11.2 million, topping all estimates and from a revised 11 million in June.
In a discussion with the Huntington Regional Chamber of Commerce in Huntington, West Virginia, on Tuesday, Richmond Federal Reserve President Tom Barkin said: "We're committed to getting inflation under control and there's a path to get there." He also admitted that a recession is an obvious risk as the Federal Reserve tightens monetary policy.
Silver for December delivery fell 38.3 cents, or 2.05 percent, to close at 18.287 dollars per ounce. Platinum for October delivery fell 22.2 dollars, or 2.6 percent, to close at 832.1 dollars per ounce.
Source: Xinhua
