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Gold falls on more interest rate hike anticipation

CHICAGO
2023-06-21 03:05

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CHICAGO, June 20 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Tuesday as market expects that the Federal Reserve will raise interest rates two more times.

The most active gold contract for August delivery fell 23.50 U.S. dollars, or 1.19 percent, to close at 1,947.70 dollars per ounce.

Economic data released are mixed. The home builder confidence index released by the National Association of Home Builders on Monday rose to 55 in June from 50 in May, marking the sixth month in a row that sentiment increased and the first time it crossed the midpoint of 50 since July 2022.

The U.S. Commerce Department reported Tuesday that U.S. housing starts rose to a 1.63 million annual pace in May from 1.34 million in April.

Silver for July delivery fell 89.20 cents, or 3.70 percent, to close at 23.234 dollars per ounce. Platinum for July delivery fell 19.30 dollars, or 1.95 percent, to close at 968.00 dollars per ounce.
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