WASHINGTON (dpa-AFX) - Gold prices fell sharply on Wednesday, losing ground for a second successive session as the U.S. dollar extended its run up north amid expectations the Federal Reserve will continue to hike interest rates and tighten its policy to rein in inflation.
The dollar index, which climbed to a fresh 20-year high at 107.26, is currently up nearly 0.5% at 107.03.
Gold futures for August ended lower by $27.40 or about 1.6% at $1,736.50 an ounce. Gold futures had shed $37.60 or about 2.1% in the previous session.
Silver futures for September ended up by $0.038 at $19.159 an ounce, while Copper futures for September settled at $3.4080 per pound, down $0.0070 from the previous close.
On the U.S. economic front, Markit Economics said the S&P Global US Composite PMI was revised higher to 52.3 in June from a preliminary reading of 51.2, down from 53.6 in May.
The S&P Global US Services PMI was revised higher to 52.7 in June from a preliminary score of 51.6, and down from 53.4 in May, pointing to the weakest rise in activity in six months.
In European economic news, German new industrial orders grew 0.1% month-on-month in May, reversing the trend after a third consecutive monthly drop, Destatis reported. That was in contrast to the revised 1.8% decline in April and the expected fall of 0.6%.
Eurozone retail sales rose 0.2% in May compared with the previous month, Eurostat said. The April data has been revised to a 1.4% decline, instead of the 1.3% sequential drop previously estimated.
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