Gold closed lower for a third straight session on Wednesday. December gold contracts traded at $808.20 an ounce, down $2.30 on the session. Gold fell as low as $793.70 in overnight transactions.
A stronger dollar and lower crude oil prices pushed gold's hedge appeal downward. Meanwhile, crude oil plunged below $110 a barrel as it appeared Hurricane Gustav has caused minimal disruption the Gulf of Mexico's oil region. Prices fell as low as $105.46 in electronic trading.
The U.S. dollar gained again on Wednesday in New York versus other majors. The dollar added to a multi-year high against the pound, which fell on disappointing job market and consumer confidence reports released from UK. The greenback also added to a multi-month best against the euro, continuing its recent surge.
Gold added to a multi-month low on Tuesday, losing $24.70 on the session. The precious metal's hedge value continued to decrease as the greenback moves higher. The dollar jumped to a 7-month high versus the euro amid the release of data showing a slower-than-expected PPI increase in the Eurozone. The greenback added to a 2 1/2 year high against the sterling.
Gold also fell on Monday amid limited trading with many investors away from their desks for the Labor Day holiday in the U.S. Gold edged higher on Friday and closed higher for a fourth straight day. December gold moved to $839.90, up $2.70 on the session. Prices climbed as high as $844.20 in electronic trading.
On the economic front, mortgage applications rebounded slightly last week after mortgage volume hit an eight-year low in the week prior, the Mortgage Bankers Association said Wednesday. The MBA said mortgage applications ticked up 7.5 percent for the week ended August 29th, although applications are still down 27 percent year-over-year.
Home purchase applications ticked up 10.5 percent last week, boosting overall mortgage application volume. Refinance applications saw a smaller increase, up 2.1 percent compared with the week prior.
On the economic front, orders for manufactured goods increased by more than expected in the month of July, according to a report released by the Department of Commerce on Wednesday. The increase reflected growth in orders for both durable and non-durable goods.
The report showed that factory orders increased by 1.3 percent in July following an upwardly revised increase of 2.1 percent in June. Economists had expected orders to increase by about 0.8 percent compared to the 1.7 percent increase originally reported for the previous month.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.