Gold falls on U.S. dollar strength
Sep 14, 2022
Chicago [US], September 14: Gold futures on the COMEX division of the New York Mercantile Exchange fell on Tuesday as the U.S. dollar strengthened.
The most active gold contract for December delivery fell 23.2 U.S. dollars, or 1.33 percent, to close at 1,717.4 dollars per ounce.
U.S. Labor Department reported Tuesday that U.S. consumer price index (CPI), which tracks a broad swath of goods and services, rose 0.1 percent month on month and 8.3 percent year on year in August. Excluding volatile food and energy costs, CPI rose 0.6 percent from July and 6.3 percent from the same month in 2021.
Higher than expected indexes boosted U.S. dollar and fueled market expectations for larger rate hikes by the Federal Reserve in an effort to curb inflation.
The National Federation of Independent Business Small-Business Optimism Index rose to 91.8 in August from 89.9 in July, beating the 90.5 consensus forecast from economists, further dampening gold.
Silver for December delivery fell 36.9 cents, or 1.86 percent, to close at 19.491 dollars per ounce. Platinum for October delivery fell 20.5 dollars, or 2.27 percent, to close at 883.7 dollars per ounce.
Source: Xinhua
