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Gold prices touch their lowest level of the year as the dollar climbs to a 22-year high vs. euro

Gold on Tuesday fell beneath the important thing $1,800-an-ounce stage to its lowest costs to date this 12 months, whereas silver futures commerce at two-year lows, on again of an increase within the U.S. greenback to a brand new 22-year excessive in opposition to the euro.

Price motion
  • Gold costs for August


    supply dropped $28.30, or 1.6%, to $1,773.20 an oz after touching a low at $1,765.60. Prices for the most-active contract haven’t traded at ranges that low since December, FactSet knowledge present.

  • Silver costs for September supply

    traded at $19.16 per ounce, down 51.2 cents, or 2.6%, and buying and selling at their lowest since July 2020.

  • Palladium costs for September

    supply had been off $32.60, or 1.7%, to $1,905.50 per ounce.

  • Platinum costs for October

    supply dropped $25.10, or 2.9%, at $846.20 per ounce.

  • Copper costs for September supply

    had been down 17.2 cents or 4.8%, to $3.432 per pound.

What analysts are saying

Naeem Aslam, chief market analyst at AvaTrade, blamed the greenback’s strikes for driving worth motion in gold.

The dollar

traded at a brand new 22-year excessive in opposition to the euro on Tuesday, with one greenback shopping for roughly 1.03 euros.

Minutes from the Federal Reserve Open Market Committee’s June assembly, due out on Wednesday, in addition to the month-to-month knowledge on U.S. nonfarm payrolls, due Friday, are the “two most important events for the yellow metals, which are likely to bring significant volatility to the price,” stated Aslam, in market commentary.

Meanwhile, Jim Wyckoff, senior analyst at Kitco.com, stated technical indicators in current commerce for each gold and silver are actually “fully bearish.”

“The metals are feeling the pressure of a stronger U.S. dollar index that notched a 20-year high overnight,” Wyckoff added. In Tuesday dealings, the ICE U.S. Dollar index

was up 1.5% at 106.71.



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