Gold Falls on Stronger U.S. Dollar

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Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday as the U.S. dollar strengthened.

The most active gold contract for August delivery fell 2.40 U.S. dollars, or 0.12 percent, to close at 1,927.10 dollars per ounce.

Shortly after the floor trading of gold closes, the Federal Open Market Committee (FOMC) June meeting minutes were released, showing that Federal Reserve officials believed additional rate increase would be appropriate in 2023, some even pushed for June rate hike. They saw a mild recession later in 2023 followed by a moderately paced recovery.

U.S. employment data for June will be released Friday.

The U.S. Commerce Department reported Wednesday that U.S. factory orders rose 0.3 percent in May after advancing by the same margin in April, lower than the 0.8 percent increase forecast by economists. Orders increased 1.1 percent through May from a year earlier.

Silver for September delivery rose 29 cents, or 1.25 percent, to close at 23.402 dollars per ounce. Platinum for October delivery rose 9 dollars, or 0.98 percent, to close at 925 dollars per ounce.