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Gold Prices Plunge 2% Amid Surging Dollar and December Rate Hike Speculation
Precious metals experienced significant downward pressure Tuesday as gold prices retreated nearly 2%, driven by renewed dollar momentum and mounting expectations for Federal Reserve monetary tightening. Spot gold declined 1.8% to settle at $4,117.61 per ounce. U.S. gold futures contracts decreased 1.6% to $4,135.10. Trading in New York saw futures down 1.7% to $4,129.10 during morning sessions. The U.S. Dollar Index maintained position near its strongest level in 13 months, a peak established last week. When the dollar appreciates, gold becomes costlier for international purchasers holding alternative currencies, ... (full story)
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- Jun 23, 9:27am | 3 hr ago Posted byFundamental Analysis64
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