Gold Lower As U.S. Dollar Strengthens

The gold futures contract lost 1.21% on Thursday, as it extended its Wednesday’s decline of more than 2%. The yellow metal’s price remained below $2,000. Gold reversed lower after previous Friday’s much better than expected Nonfarm Payrolls release. The following upward correction reached a local high of $2,024.60 on Tuesday. And on Wednesday gold declined to a short-term local low of $1,930.50.

Gold Daily Chart

Gold Daily Chart

Gold is 0.7% lower this morning, as it is trading along yesterday’s daily low. What about the other precious metals?

Silver lost 0.71% on Thursday. Today, it is 1.2% lower. Platinum lost 3.07%. Today, it is 2.0% lower. Palladium gained 0.36% on Thursday. Today, it’s 0.7% lower. So precious metals’ prices are lower this morning following strengthening U.S. dollar.

Yesterday’s FOMC Unemployment Claims and Philly Fed Manufacturing Index have been worse than expected. However, financial markets were going risk-on and the U.S. stock market went higher.

Today, we got worse than expected PMI numbers from Europe.

Gold Lower As U.S. Dollar Strengthens

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