Gold books worst daily fall Thursday in about a week

gold-books-worst-daily-fall-thursday-in-about-a-week

Gold futures finished sharply lower on Thursday as a surging dollar pushed higher on inflation concerns. June gold GCM22, -0.12% shed about 1.6%, or $29.10, ending at $1,824.60 an once on Comex. That was the biggest daily percentage decrease for the most-active gold contract since May 2, according to FactSet data. The precious metal came under further pressure from a strong greenback as with the ICE US Dollar index DXY, -0.06%, a measure of the currency against a basket of six major rivals, jumped 0.9%, near a 20-year high. While inflation levels may have shown recent signs of a peak, a surge remains in place, with wholesale prices slowing to 11% in April over the past year from 11.5%, according to government data.

Source: Marketwatch

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