Gold falls due to strong dollar

Chicago, June 3 (Xinhua) –Gold futures on the COMEX division of the New York Mercantile Exchange fell on Thursday following the appreciation of the US dollar.

The most active gold contract for August delivery was $ 36.6, or down 1.92%, closing at $ 1,873.3 per ounce.

Positive US economic data released Thursday also pushed gold down. Automatic data processing reported 978,000 new private sector jobs in May. This far exceeds the 680,000 increase predicted by economists.

The U.S. Department of Labor reported on Thursday that the number of unemployment applications in the first week of the United States fell by 20,000 to 385,000 in the week leading up to May 29, the fifth consecutive week of decline.

The final measurement of the US Service Purchasing Managers Index released by IHS Markit was 70.4 in May, up from 64.7 in April and above the preliminary figure of 70.1.

Philadelphia Fed Governor Patrick Harker said Wednesday that it was time to discuss a time frame to curtail the Fed’s $ 120 billion monthly asset purchase program. The Federal Reserve Board (FRB) said Thursday. The company announced that it will sell its corporate bond portfolio acquired during the pandemic.

Silver shipped in July fell 72.7 cents, or 2.58%, closing at $ 27.477 per ounce. Platinum shipped in July fell $ 30.2, or 2.53%, closing at $ 1,162.5 per ounce.

Gold falls due to strong dollar

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