Gold falls on further rate hike expectations
Jun 28, 2023
Chicago [US], June 28: Gold futures on the COMEX division of the New York Mercantile Exchange fell on Tuesday on market worry that stubborn inflation worldwide may push central banks to raise interest rates further.
The most active gold contract for August delivery fell 10 U.S. dollars, or 0.52 percent, to close at 1,923.80 dollars per ounce.
U.S. key inflation data will be released on Friday.
Economic data released on Tuesday also dampened gold. The U.S. Commerce Department reported that U.S. new orders for manufactured durable goods increased 4.9 billion dollars, or 1.7 percent, to 288.2 billion dollars in May, up three consecutive months.
The S&P CoreLogic Case-Shiller U.S. National Home price index increased by 0.5 percent in April on a seasonally adjusted basis compared with the previous month.
The U.S. Commerce Department reported that U.S. new home sales jumped 12.2 percent to a seasonally adjusted annual rate of 763,000 units in May, the highest level since February 2022.
The Conference Board Consumer Confidence Index increased to 109.7 in June, up from 102.5 in May.
Silver for July delivery rose 13.40 cents, or 0.59 percent, to close at 22.96 dollars per ounce. Platinum for October delivery rose 1.10 dollars, or 0.12 percent, to close at 934 dollars per ounce.
Source: Xinhua
