Gold edges lower as dollar finds strength, while silver adds to gain

Gold edged lower Tuesday, appearing to take a cue from a stronger U.S. dollar, while silver built on the previous session’s gain after settling at a 13-month high.

Gold for August delivery on Comex GCQ19, -0.08% declined $2.10, or 0.1%, to $1,424.80 an ounce, while September silver SIU19, +0.48% rose 6.4 cents, or 0.4%, to $16.475 an ounce.

The ICE U.S. Dollar Index DXY, +0.42% , a measure of the currency against a basket of six major rivals, rose 0.3% to trade near 97.567 after trading at around a one-month high following a deal between President Donald Trump and congressional leaders announced a deal late Monday on a debt and budget agreement that would avert the possibility of a government shutdown or federal default.

A stronger dollar can be a negative for commodities priced in the U.S. unit, making them more expensive to users of other currencies.

The removal of budget-related risk also dented haven-related demand for gold, as did a continued stream of well-received second-quarter results from U.S. companies as earnings season continues, said Edward Moya, senior market analyst at Oanda, in a note.

Silver, meanwhile,

In other metals trade, October platinum PLV19, +0.65% rose $3.10, or 0.4%, to $855.80 an ounce, while September palladium PAU19, -0.74% fell $5.20, or 0.3%, to $1,524 an ounce. September copper HGU19, -0.88% was off 2.1 cents, or 0.8%, to $2.701 a pound.


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Ed Moya

Ed Moya

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.