26-9-2023 (WASHINGTON) Gold futures on the COMEX division of the New York Mercantile Exchange experienced a decline on Monday, influenced by the strengthening of the U.S. dollar.
The December delivery, which represented the most active gold contract, saw a drop of 9 U.S. dollars, equating to 0.46 percent, and closed at 1,936.60 dollars per ounce.
Additionally, rising U.S. Treasury yields further contributed to the decline in gold prices.
The persistent strength of the U.S. economy continues to put pressure on the gold market. The scope for gold’s upward movement remains constrained as Federal Reserve policymakers maintain a hawkish stance leading up to the upcoming monetary policy meetings.
Investors are keeping a close watch on the likelihood of a rate hike at the forthcoming Federal Open Market Committee meeting scheduled for November, all while they anticipate the release of the U.S. gross domestic product report, which is set to be published later this week.
In addition to gold, other precious metals also experienced a drop. Silver for December delivery fell by 45.90 cents, or 1.93 percent, to close at 23.385 dollars per ounce. Platinum for October delivery registered a decline of 16.60 dollars, equivalent to 1.78 percent, and closed at 917.50 dollars per ounce.
