CHICAGO – Gold futures on the COMEX division of the New York Mercantile Exchange fell on Monday as the US dollar strengthened, reported Xinhua.
The most active gold contract for June delivery fell US$8.80, or 0.44 per cent, to close at US$2,007.00 per ounce.
In an audience discussion at the Richmond Association for Business Economics on Monday, Richmond Fed President Tom Barkin said that he wants to see more evidence that US inflation is settling back to the Federal Reserve’s 2 per cent target, and that he’s reassured by stability in the banking sector.
Economic data released Monday are mixed. The New York Fed’s Empire State business conditions index, a gauge of manufacturing activity in the state, jumped 35.4 points to 10.8 in April. Economists had expected a reading of negative 15.
The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) rose one point to 45 in April. Homebuilders remained cautiously optimistic that the lack of existing inventory would drive demand for new homes, despite elevated interest rates and construction costs.
Silver for May delivery fell 37.20 cents, or 1.46 per cent, to close at US$25.088 per ounce. Platinum for July delivery rose 5.60 dollars, or 0.53 per cent, to close at US$1,059.60 per ounce. – Bernama
