Wednesday 24 April 2019
NEW YORK [Reuters] – Gold prices plummeted Wednesday to swing around the four-month low hit in the previous session when the dollar reorganized after strong US housing data eased fears of an economic slowdown. of the United States in a strong appetite for risk.
At 0260 GMT, spot gold prices had fallen 0.2% to $ 1269.93 per ounce after hitting a low since the end of last year at $ 1265.90 per ounce in the previous session.
US futures fell 0.1% to $ 1271.80 per ounce.
"The main factor that puts pressure on gold prices is the strength of the dollar, which is also putting pressure on current demand," said Peter Fong, managing director of Wing Fong Precious Metals in Hong Kong.
The dollar index was close to a maximum of 22 months after data showed that new home sales in the United States rose to about a year and a half in height in March.
The data eased fears of a slowdown in the world's largest economy before the release of US gross domestic product data last Friday.
Gold prices have been put under pressure by recent global equities with better than expected data and a favorable monetary policy environment that gave rise to risk appetite.
For other precious metals, silver fell 0.1% in the spot trade to $ 14.81 an ounce after falling to its lowest level since December 26th to $ 14.71 l & # 39 ounce in the previous session.
Platinum rose 0.3% to $ 886.81, while palladium fell 0.2% to $ 1387.30 per ounce.