Gold futures extend slide as dollar rises on hawkish Fed.
December Gold futures extended their recent slide, falling over 1% as the U.S. dollar gained ground for a fourth consecutive session. Traders continue to weigh hawkish commentary from Federal Reserve officials following the recent rate hike, pushing CME FedWatch Tool probabilities toward 50-50 for future policy moves. Strong Chinese demand continues to provide underlying support, with gold imports through August surpassing 1,000 tons. In industrial metals, December Copper futures pulled back 0.9% after a six-day rally near record levels, while Silver and Platinum futures also lost ground under pressure from the stronger dollar and shifting inflation expectations.
S. dollar gained ground for a fourth consecutive session. Traders continue to weigh hawkish commentary from Federal Reserve officials following the recent rate hike, pushing CME FedWatch Tool probabilities toward 50-50 for future policy moves. Strong Chinese demand continues to provide underlying support, with gold imports through August surpassing 1,000 tons.
9% after a six-day rally near record levels, while Silver and Platinum futures also lost ground under pressure from the stronger dollar and shifting inflation expectations.