Thu. Dec 8th, 2022

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Gold stops shining

1 min read
Pure Gold

Gold prices hit a more than two-month trough on Thursday, weighed down by a robust dollar, with investors looking to U.S. jobless claims data due later in the day to further gauge the pace of a recovery in the world’s largest economy.

Spot gold fell 0.3% to $1,858.08 per ounce by 0049 GMT. Prices earlier hit $1,853.32, the lowest level since July 22.

U.S. gold futures were down 0.3% to $1,862.30.

The dollar index held firm near a more than eight-week peak against rival currencies, as signs of an economic slowdown in Europe and the U.S. renewed concerns about a second wave of novel coronavirus infections.

A firmer dollar makes bullion more expensive for holders of other currencies.

Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.87% to 1,267.14 tonnes on Wednesday.

Silver fell 2.8% to $22.23 per ounce, hitting a more than two-month low earlier in the session.

Platinum was steady at $838.32 per ounce and palladium eased 0.1% to $2,217.90.

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