Thu, 07 Jul 2022

Gold falls on stronger U.S. stocks

Xinhua
22 Jun 2022, 04:55 GMT+10

CHICAGO, June 21 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Tuesday as U.S. stocks strengthened.

The most active gold contract for August delivery fell 1.8 U.S. dollars, or 0.1 percent, to close at 1,838.8 dollars per ounce.

Getting toward the end of the month, investors also do some adjustment by profit-taking, market analysts hold.

Some market analysts also point to relatively weak demand for gold in China and India. The Swiss Federal Customs Administration reported Tuesday that Switzerland exported 105 tons of gold in May, and less than half of the total went to China and India. China's import of 10 tons was the lowest in 14 months.

The National Association of Realtors reported on Tuesday that U.S. existing-home sales fell 3.4 percent to a seasonally adjusted annual rate of 5.41 million in May. The decline was in line with the forecast of economists.

Silver for July delivery rose 18.1 cents, or 0.84 percent, to close at 21.768 dollars per ounce. Platinum for July delivery rose 9.3 dollars, or one percent, to close at 939.5 dollars per ounce.

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