Dragged Down by Stronger US Dollar, New York Gold Prices Surge and Then Fall Back on the 22nd
Source: Xinhua Finance
Xinhua Finance, New York, June 22 (Reporter Xu Jing) — On June 22, the most active August 2026 gold futures contract on the New York Mercantile Exchange rose by $36.8, settling at $4,209.7 per ounce, an increase of 0.88%, with the settlement price at $4,202.7 per ounce.
Due to smooth progress in US-Iran negotiations, declining oil prices, and lowered inflation expectations, the gold price ended a three-day losing streak, rebounding from an intraday low of $4,136 and returning to above $4,200 per ounce. During the session, the gold price once approached a high of $4,240 per ounce, but later still came under pressure, falling back to fluctuate near the $4,200 mark.
However, a strengthening US dollar limited the upside for gold prices. The US Dollar Index, which measures the dollar against six major currencies, rose 0.29% that day, closing at 101.024 in the foreign exchange market.
In addition, precious metals analysts at Heraeus stated that as US-Iran tensions ease and the market adapts to the Federal Reserve's new hawkish stance, gold and silver prices may face downward pressure in the medium term.
Several commercial banks, including Bank of America and Deutsche Bank, expect the Federal Reserve to raise interest rates at its September meeting. Bank of America anticipates the Fed will hike rates three times in 2026, each by 25 basis points, in September, October, and December respectively; while Deutsche Bank expects two hikes, each by 25 basis points, in September and December.
On the same day, silver futures for September delivery rose 28 cents to close at $65.660 per ounce, an increase of 0.43%, with the settlement price at $66.065 per ounce. During trading, silver once surged to $67.720 per ounce. July silver futures rose 27.5 cents to close at $65.185 per ounce, an increase of 0.42%, with the settlement price at $65.583 per ounce.
Editor: Zhu Henan
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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