Gold weakens as dollar climbs to 22-year high vs. euro
Gold prices weakened again on Thursday, breaking below $1,800 per ounce, as the U.S. dollar climbed to a new 22-year high against the euro.
Price action
- Gold prices for August delivery shed $4, or 0.2%, to $1,797.
- Silver prices for September delivery were flat at $19.70 per ounce.
- Palladium prices for September delivery were off $37.10, or 1.9%, to $1,901 per ounce.
- Platinum prices for October delivery dropped $15.50, or 1.8%, at $855.50 per ounce.
- Copper prices for September delivery were down 13 cents or 3.6%, to $3.47 per pound.
What analysts are saying
Naeem Aslam, chief market analyst at AvaTrade, blamed the dollar’s moves for driving price action in gold.
The greenback
EURUSD,
-1.27%
traded at a new 22-year high against the euro on Tuesday, with one dollar buying roughly 1.03 euros.
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