28.9 C
New York
Sunday, July 3, 2022

Gold Prices Slip Amid Upbeat U.S. Housing, Industrial Output Data

Gold Prices Slip Amid Upbeat U.S. Housing, Industrial Output DataGold prices slipped on Wednesday

Investing.com – Gold prices slipped on Wednesday as dollar held its gains on the back of upbeat U.S. housing and industrial output data.

for June delivery on the Comex division of the New York Mercantile Exchange was down $3.8, or 0.3%, to $1,345.7 a troy ounce by 12:52AM ET (04:52 GMT).

climbed 1.9% to 1.319 million units, data on Tuesday showed. Separately, the Federal Reserve said rose 0.5% in March after jumping 1.0% in February.

Meanwhile, the dollar remained steady in Asia on Wednesday morning and gained slightly against other major Asian currencies. A hawkish speech from Fed official John Williamson Tuesday reassured rate hikes this year, and eyes are on U.S.-Japan meeting this week to look for cues, with talks over trade and an upcoming summit with North Korea that could ease geopolitical strains in East Asia.

The that tracks the greenback against a basket of six major currencies steadied at 89.22.

Dollar-denominated assets such as gold are sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal.

In other precious metal trade, fell 0.22% to $16.750 a troy ounce, while gained 0.3% to $942.50 an ounce.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com

Related Articles

Stay Connected

- Advertisement -

Latest Articles

Popular Articles