Chicago [US], July 21: Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday as the U.S. dollar strengthened.
The most active gold contract for August delivery fell 10.5 U.S. dollars, or 0.61 percent, to close at 1,700.2 dollars per ounce.
The uptrend of the U.S. dollar index and U.S. Treasury yield remains intact, market analysts hold.
A recovery in risk sentiment suggests a big price move in gold is coming, as there is an expectation for investors to move out of the precious metal into more lucrative interest-bearing assets.
The National Association of Realtors reported Wednesday that U.S. existing home sales fell 5.4 percent in June from May to a seasonally adjusted annual rate of 5.12 million, dropping for the fifth consecutive month and supporting gold. Compared with June 2021, U.S. home sales were down 14.2 percent.
Silver for September delivery fell 4.5 cents, or 0.24 percent, to close at 18.668 dollars per ounce. Platinum for October delivery fell 12.4 dollars, or 1.44 percent, to close at 846.5 dollars per ounce.
Source: Xinhua