Gold falls on stronger U.S. dollar
Sep 08, 2023
Chicago [US], September 8: Gold futures on the COMEX division of the New York Mercantile Exchange fell on Thursday as the U.S. dollar strengthened.
The most active gold contract for December delivery fell 1.70 U.S. dollars, or 0.09 percent, to close at 1,942.50 dollars per ounce.
Economic data released Thursday also dampened gold. The U.S. Labor Department reported that U.S. applications for jobless claims fell by 13,000 to 216,000 for the week ending Sept. 2. This is the lowest level since February.
The U.S. Labor Department reported that U.S. nonfarm business sector labor productivity increased 3.5 percent in the second quarter of 2023, reflecting a 0.2-percentage point downward revision from the preliminary estimate. Output increased 1.9 percent and hours worked decreased 1.5 percent in the second quarter of 2023.
Investors are waiting for U.S. consumer price index (CPI) data due out next week, which may influence the Federal Reserve's decision on whether to further hike rates or not.
Silver for December delivery fell 26.30 cents, or 1.12 percent, to close at 23.24 dollars per ounce. Platinum for October delivery fell 5.70 dollars, or 0.62 percent, to close at 909.60 dollars per ounce.
Source: Xinhua
