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Gold futures finish sharply lower as dollar firms

21 Jun 2023 Evaluate

Gold futures finished sharply lower on Tuesday, pressured by the firmness in dollar followed by better than anticipated US May housing starts and building permits data. Meanwhile, testimony by Federal Reserve Chairman Jerome Powell to be started on Wednesday is closely eyed as safe haven appeal dulled after hawkish tone from Federal Reserve.

Gold futures for August delivery dipped by $23.50 or 1.1% to $1947.70 ounce on the Comex division of the New York Mercantile. While, spot gold up by $1.01 or 0.05% to $1,937.43 per ounce.