{"id":21711,"date":"2023-09-24T04:19:22","date_gmt":"2023-09-24T04:19:22","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/gold-sees-biggest-drop-in-nearly-two-months-as-u-s-dollar-surges\/"},"modified":"2023-09-24T04:19:22","modified_gmt":"2023-09-24T04:19:22","slug":"gold-sees-biggest-drop-in-nearly-two-months-as-u-s-dollar-surges","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=21711","title":{"rendered":"Gold sees biggest drop in nearly two months as U.S. dollar surges"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002530157\" role=\"document\">\n<p>Gold prices on Thursday saw their biggest drop in nearly two months while snapping a five-day winning streak as a surging U.S. dollar weighed on precious metal prices. <\/p>\n<h2>Price action <\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold for December delivery<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"negative\">-0.04%<\/bg-quote><\/p>\n<p>        GCZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210039381\/delayed\" class=\"negative\">-0.04%<\/bg-quote><br \/>\n       fell by $27.50, or 1.4%, to settle at $1,939.60 an ounce on Comex, That marked the biggest percentage-point decline for a most-active gold contract since Aug. 1, according to Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      December silver\u00a0<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"negative\">-0.10%<\/bg-quote><\/p>\n<p>        SIZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210319449\/delayed\" class=\"negative\">-0.10%<\/bg-quote><br \/>\n       declined by 15 cents, or 0.6%, to settle at $23.69 per ounce. <\/p>\n<\/li>\n<li>\n      October platinum\u00a0<br \/>\n        PLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/237284959\/delayed\" class=\"negative\">-0.10%<\/bg-quote><br \/>\n       declined by $17.70, or 1.9%, to $924 per ounce, while December palladium<br \/>\n        PAZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/239302145\/delayed\" class=\"positive\">+0.07%<\/bg-quote><br \/>\n       fell by $11.8, or 0.9%, to $1,269 per ounce. <\/p>\n<\/li>\n<li>\n      Copper for December<br \/>\n        HGZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210059556\/delayed\" class=\"negative\">-0.05%<\/bg-quote><br \/>\n       shed 8 cents, or 2.1%, to $3.70 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>The U.S. dollar continued to climb on Thursday, driven by the Federal Reserve\u2019s projections showing it intends to keep its policy interest rate above 5% through 2024. <\/p>\n<div class=\"paywall\">\n<p>In addition to weighing on U.S. equity futures, the rise in the dollar pushed gold prices sharply lower. The ICE U.S. Dollar Index<br \/>\n        DXY<br \/>\n       surged 0.1% to 105.31, its highest level in more than six months.<\/p>\n<p>\u201cThe Fed\u2019s hawkish hold didn\u2019t prove too popular with\u00a0gold\u00a0bulls either despite some apparent optimism ahead of the release.\u00a0Gold\u00a0rallied toward $1,950 in the run-up to the decision, in line with the highs from earlier this month, before giving all of the day\u2019s pre-release gains back and ending it in the red,\u201d said Craig Erlam, senior market analyst at OANDA, in emailed commentary.<\/p>\n<p>\u201cIt\u2019s trading a little lower once more and, depending on how seriously traders are taking the Fed\u2019s dot plot, could be at risk of testing last week\u2019s lows around $1,900.\u201d<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-falls-as-u-s-dollar-surges-to-6-month-high-95e18d4a?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices on Thursday saw their biggest drop in nearly two months while snapping a five-day winning streak as a surging U.S. dollar weighed on precious metal prices. Price action Gold for December delivery GC00, -0.04% GCZ23, -0.04% fell by $27.50, or 1.4%, to settle at $1,939.60 an ounce on Comex, That marked the biggest<\/p>\n","protected":false},"author":1,"featured_media":10941,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-21711","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold sees biggest drop in nearly two months as U.S. dollar surges | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"Gold prices on Thursday saw their biggest drop in nearly two months while snapping a five-day winning streak as a surging U.S. dollar weighed on precious\" \/>\n<meta name=\"robots\" content=\"index, follow, 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