Gold falls as U.S. dollar strengthens
Nov 10, 2022
Chicago [US], November 10: 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 2.3 U.S. dollars, or 0.13 percent, to close at 1,713.7 dollars per ounce.
In a speech at a policy forum in Zurich, Switzerland, New York Fed President John Williams said Wednesday: "The news is mostly good -- longer-run inflation expectations in the United States have remained remarkably stable at levels broadly consistent with the FOMC's longer-run goal." Inflation uncertainty has increased, "but this does not appear to be due to unmoored longer-run expectations."
Meanwhile, Richmond Fed President Thomas Barkin said on Wednesday that the Federal Reserve's fight to lower inflation "may lead to a downturn" as the central bank's interest rate increases are "challenged" by still-high consumer savings, still-tight labor markets and ongoing supply problems.
Investors are awaiting U.S. October consumer price index data due out Thursday.
Silver for December delivery fell 17.5 cents, or 0.81 percent, to close at 21.327 dollars per ounce. Platinum for January delivery fell 17.2 dollars, or 1.7 percent, to close at 997.3 dollars per ounce.
Source: Xinhua
