Gold futures settle at lowest price in almost 6 months
Gold futures fell on Wednesday to settle at their lowest level since the end of March, with dollar-denominated prices for the precious metal pressured by strength in the U.S. dollar. The ICE U.S. Dollar Index
DXY,
was up 0.6% at 94.367, trading at the highest since September of last year, FactSet data show. While gold metal is likely to weaken further amid a stronger dollar, its outlook may be influenced by the Federal Reserve’s “preferred inflation gauge,” the core personal consumption expenditures price index, due out Friday, said Lukman Otunuga, manager, market analysis at FXTM. December gold
GCZ21,
fell $14.60, or 0.8%, to settle at $1,722.90 an ounce, the lowest most-active contract finish since March 31, FactSet data show.
