Gold closes negative $7.90 as investors take profits after price

18 июл.

Gold futures on the New York Mercantile Exchange settled slightly lower on Wednesday (July 17) as investors took profits after the precious metal surged to a record high during the day.

Meanwhile, gold futures on the COMEX (Commodity Exchange) for August delivery fell $7.90, or 0.32%, to settle at $2,459.90 an ounce.

September silver futures fell $1.081, or 3.44%, to settle at $30.377 an ounce.

October platinum futures fell $3.40, or 0.34%, to settle at $1,008.10 an ounce.

September palladium futures fell $2.60, or 0.27%, to settle at $954.20 an ounce.

Investors took profits after gold futures surged past $2,480, a record high overnight, on expectations that the Federal Reserve will cut interest rates for the first time this year in September.

David Meagher, chief investment officer at High Ridge Futures, said investors were growing more confident that the Federal Reserve would cut interest rates in September, along with a weaker dollar and slowing U.S. Treasury yields, which helped gold futures surge to a new high during the day before ending lower on profit-taking.

Christopher Waller, a member of the Federal Reserve's Board of Governors and a permanent member of the Federal Open Market Committee (FOMC), has signaled that the Fed is prepared to cut interest rates soon as long as there are no major surprises on inflation and employment.