Markets > Commodities

Gold down on U.S. dollar strength

Xinhua News,CHICAGO
2020-09-03 02:42

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CHICAGO, Sept. 2 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday as the U.S. dollar strengthened.

The most active gold contract for December delivery fell 34.2 U.S. dollars, or 1.73 percent, to close at 1,944.7 dollars per ounce.

The dollar gained in the wake of comments by European Central Bank chief economist Philip Lane, which weakened the Euro, boosted the dollar.

Gold was under additional pressure as stock market indexes around the globe rose.

A report released by Automated Data Processing on Wednesday showed private payrolls increasing by 428,000 in August, far below expectations, lending certain support to gold.

Traders are now focusing on the weekly jobless claims due on Thursday and the big monthly jobs report due on Friday.

Silver for December delivery fell 1.25 dollars, or 4.36 percent, to close at 27.395 dollars per ounce. Platinum for October delivery fell 48.6 dollars, or 5.1 percent, to close at 904.1 dollars per ounce.
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