Gold continues to slide after worst week in nearly 2 months
NEW YORK (August 14) Gold futures were adding to their losses on Monday following their worst weekly pullback in nearly two months as U.S. dollar strength continued to sap the value of the yellow metal.
Price action
- Gold futures for December delivery GC00, -0.22% GCZ23, -0.22% fell by 60 cents to $1,946 per ounce on Comex.
- Silver futures for September delivery SI00, -0.04% SIU23, -0.04% fell by 1 cent to $22.73 per ounce.
- Palladium futures for September delivery PAU23, -2.15% declined by $12.60, or 1%, to $1,296 per ounce, while Platinum futures PLV23, -1.34% were marginally lower at $914 per ounce.
- Copper futures for September delivery HGU23, -0.36% were marginally lower at $3.71 per pound.
Market drivers
The latest gains for the U.S. dollar against its main rivals, along with the possibility of another interest-rate hike from the Federal Reserve in September should inflation re-accelerate, have been weighing on gold prices.
“Gold is slipping ever closer to $1,900 an ounce in the face of a strong U.S. dollar and the prospect of interest rates rising again in September and staying at a high level for the foreseeable future,” Rupert Rowling, a market analyst at Kinesis Money, said in emailed commentary to clients.
The ICE U.S. Dollar Index DXY, a gauge of the dollar’s strength against a basket of rivals, was up by 0.1% at 102.93.
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