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Biz World - September 27, 2023

Gold falls on strong US dollar

Industry Desk: Gold futures on the COMEX division of the New York Mercantile Exchange fell yesterday as the U.S. dollar strengthened.
The most active gold contract for December delivery fell 16.80 U.S. dollars, or 0.87 percent, to close at 1,919.80 dollars per ounce.
U.S. dollar index has risen to 10-month high, and U.S. Treasury yields at 16-year peak.
In an event held by the Wharton School of the University of Pennsylvania on Monday, Minneapolis Federal Reserve Bank President Neel Kashkari said that given the surprising resilience of the U.S. economy, the Fed probably needs to raise borrowing rates further and keep them high for some time to bring inflation back down to 2 percent. Economic data released Tuesday were mixed. The Conference Board’s consumer confidence fell for the second month in a row to 103 in September, below economists’
consensus for a reading of 105 and August’s upwardly revised reading of 108.7.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, grew one percent year on year in July, up from a 0-percent change in June.
The U.S. Commerce Department reported that U.S. sales of newly built homes fell 8.7 percent in August from July to a seasonally adjusted annualized pace of 675,000 units. This is the slowest pace since March.
Investors are awaiting the release of the personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred inflation gauge, on Friday.
Silver for December delivery fell 18.90 cents, or 0.81 percent, to close at 23.196 dollars per ounce. Platinum for October delivery fell 10.40 dollars, or 1.13 percent, to close at 907.10 dollars per ounce.

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