Gold rises on weaker U.S. dollar
Jul 22, 2022
Chicago [US], July 22: Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as the U.S. dollar weakened.
The most active gold contract for August delivery rose 13.2 U.S. dollars, or 0.78 percent, to close at 1,713.4 dollars per ounce.
The European Central Bank on Thursday decided to raise interest rate by 50 basis points, giving strength to euro and dampening the U.S. dollar.
Economic data released on Thursday also supported gold. The U.S. Labor Department reported that U.S. initial jobless claims rose by 7,000 to 251,000 in the week ending July 16, up from the previous week's 244,000.
The Federal Reserve Bank of Philadelphia reported that its manufacturing activity index slumped to a negative 12.3 in July from a negative 3.3 in June. A negative reading indicates a contraction in regional manufacturing activity.
Silver for September delivery rose 5.1 cents, or 0.27 percent, to close at 18.719 dollars per ounce. Platinum for October delivery rose 12.2 dollars, or 1.44 percent, to close at 858.7 dollars per ounce.
Source: Xinhua
