Gold falls on stronger U.S. dollar

CHICAGO, July 6 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday as the U.S. dollar rose.

The most active gold contract for August delivery fell 27.4 U.S. dollars, or 1.55 percent, to close at 1,736.5 dollars per ounce.

Gold has fallen for the 7th session in a row to close at the lowest level since late September 2021.

Shortly after the floor trading closes, the Federal Reserve released the minutes of June monetary policy meeting. The minutes showed that Federal Reserve officials were resolute to tighten despite risks of slowing economic growth.

Gold dipped further in electronic trading following release of the minutes.

The fundamental factors behind gold's weakness are still in place, namely a sharp tightening of monetary policy and weak demand for gold from central banks.

Market analysts are expecting tremendous potential for a decline in gold.

Silver for September delivery rose 3.8 cents, or 0.2 percent, to close at 19.159 dollars per ounce. Platinum for October delivery fell 9.8 dollars, or 1.15 percent, to close at 840.9 dollars per ounce.