Gold rises as European inflation data undermines dollar

Gold hits 8.5 months low, silver weakest in 2 years

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Gold slipped further on Wednesday, trading at its lowest level since the start of the year, as the U.S. dollar marched higher.

Price action
  • Gold futures


    for August delivery were down $3.40, or 0.2%, to $1,760 per ounce, the softest level for a most-active contract since October 2021, an 8.5 month low. Gold was on track for its seventh straight daily decline.

  • Silver futures for July delivery

    remained at their weakest level since July 2020, with the price for the precious metal essentially flat at $19.17 per ounce after five days of declines.

  • Platinum futures

    for October delivery were down $2.90, or 0.3%, to $847 per ounce.

  • Palladium futures

    for September delivery rose $16.70, or 0.9%, to $1,935.

  • Copper futures

    for September delivery shed 1 cent to $3.41 per pound.

What analysts are saying

Jim Wyckoff, senior analyst at Kitco, said that the strong dollar is weighing on gold and other commodities.

“The metals continue to reel from a stronger U.S. dollar index that hit a 20-year high this week. The near-term technical charts for gold and silver are fully bearish, which is also prompting the technically based traders to play the short sides of the futures markets,” Wyckoff said.

Other markets
  • The euro

    weakened against the dollar, sliding to less than 1.02 euros to the dollar.

  • U.S. stock futures

    pointed to a slightly lower open on the S&P 500, with the futures down 0.5%.

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