2023-06-20 10:36:00
© Archyde.com. Gold bars in a photo from the Archyde.com archive.
(Archyde.com) – Gold fell 1 percent on Tuesday following strong new US home building data and a rally in the dollar, as investors await Federal Reserve Chairman Jerome Powell’s testimony for clues on interest rate strategy.
It lost 1 percent, recording $1,929.98 an ounce, by 1431 GMT, its biggest daily decline in regarding two weeks.
US gold futures fell 1.5 percent to $1,941.20 an ounce.
New single-family home construction in the United States jumped in May to its highest level in more than a year, as permits for future building increased.
It rose 0.2 percent, making the precious metal less attractive to holders of other currencies.
Commerzbank analysts cut their forecast for the gold price in the second half of 2023 by $50 to $2,000 an ounce, expecting another hike in US interest rates in July and not cutting rates until the second quarter of next year.
Higher interest rates increase the opportunity cost for holders of the non-yielding yellow metal.
Spot transactions fell 3.7 percent to $23.07 an ounce, its lowest in three weeks, while platinum fell 2.3 percent to $953.56, its lowest since March.
It fell 3.3 percent to $1,359.66.
(Prepared by Mahmoud Abdel-Gawad for the Arabic Bulletin)
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