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Gold falls as U.S. dollar strengthens

CHICAGO
2023-05-19 03:33

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CHICAGO, May 18 (Xinhua) -- 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 June delivery fell 25.10 U.S. dollars, or 1.26 percent, to close at 1,959.80 dollars per ounce.

In prepared remarks for a speech to bankers in San Antonio Thursday, Dallas Federal Reserve President Lorie Logan said the economic data so far don't justify skipping a rate increase at the central bank's next meeting in June.

"The data in coming weeks could yet show that it is appropriate to skip a meeting. As of today, though, we aren't there yet," she said in the prepared remarks.

In other remarks Thursday, Fed Governor Philip Jefferson also said inflation is too high, but he's watching to see the impact that the rate hikes will have on the economy before deciding on future moves.

Economic data released on Thursday further dampened gold. The U.S. Labor Department reported that U.S. initial jobless claims fell to 242,000 in the week ending May 13, a decline of 22,000 from the prior week. Economists expected claims of 255,000.

The Philadelphia Fed said its gauge of regional business activity rose to negative 10.4 in May from negative 31.3 in April.

The National Association of Realtors reported that U.S. existing home sales fell 3.4 percent in April from March to a seasonally adjusted annual rate of 4.28 million, slightly below what economists were expecting. The sales sank 23.2 percent compared with April last year.

Silver for July delivery fell 26.40 cents, or 1.10 percent, to close at 23.633 dollars per ounce. Platinum for July delivery fell 24.40 dollars, or 2.25 percent, to close at 1,058.20 dollars per ounce.
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