Gold little changed as dollar rally cools


Gold futures traded lower on gains and losses on Tuesday, stabilizing after a rise in the US dollar saw the yellow metal record its lowest close since February.

Gold for June delivery GC00,
+ 0.17%

GCM22,
+ 0.17%
it fell $ 1.90, or 0.1%, to $ 1,856.70 an ounce on Comex. July silver SIN22,
+ 0.18%
it was down 0.2% to $ 21.785 an ounce.

ICE US Dollar DXY Index
+ 0.03%,
a measure of the currency against a basket of six main rivals, fell flat after trading on Monday near the 20-year high. A rise in the dollar can be negative for commodity-priced commodities, making them more expensive for users of other currencies.

Inflation data, as of Wednesday, is likely to be the main event in the economic calendar, analysts said.

“There may be more downside risks for gold, as a surprisingly high inflation figure, which in this case would be above 8.1%, could strengthen the reasons for an increase of the Federal Reserve’s tightening pace and fueling the dollar more. gains, “Ricardo Evangelista, a senior activist at ActivTrades, said in a statement.

In the trade of other metals, July copper HGN22,
+ 0.86%
rose 0.6% to $ 4.218 a pound. platinum July 22 PLN,
+ 2.04%
rose 1.4% to $ 951.70 an ounce, while the June palladium PAM22,
-0.17%
it was down 0.5% to 2,050.50 an ounce.



Source link

Leave a Reply