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Gold falls on strong U.S. dollar

CHICAGO
2023-09-28 04:16

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CHICAGO, Sept. 27 (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 28.90 U.S. dollars, or 1.51 percent, to close at 1,890.90 dollars per ounce.

Gold's breaking below the 1,900-dollar mark also triggered technical selling, so did rising U.S. Treasury yields.

The prospects of higher-for-longer U.S. interest rates boosted the dollar, making gold more expensive for overseas buyers.

The U.S. Commerce Department reported Wednesday that U.S. durable goods orders rose 0.2 percent month on month in August on a seasonally adjusted basis to 284.7 billion dollars.

Investors are awaiting the release of the personal consumption expenditures (PCE) price index, the Federal Reserve's preferred inflation gauge, on Friday.

Silver for December delivery fell 47.20 cents, or 2.03 percent, to close at 22.724 dollars per ounce. Platinum for January delivery fell 17.90 dollars, or 1.96 percent, to close at 896.30 dollars per ounce.
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