Materials Edge Higher As Strong Dollar Weighs -- Materials Roundup

01/28/2022 | 04:39pm

Producers of metals and other raw materials rose, but not by as much as the broad market, as the dollar held gains against rival currencies.

Gold futures fell 0.5%, or $8.40, to settle at $1,786.60 an ounce, the lowest settlement price since Dec. 15, according to Dow Jones Market Data.

The Federal Reserve's statement of intent to start raising interest rates at its next policy-making meeting in March buoyed the dollar, which in turn weighed on the price of dollar-denominated metals like gold and copper.

Shares of steelmakers rose after U.S. Steel posted revenue ahead of Wall Street forecasts. Executives said a recent weak patch in steel markets is likely to pass.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

01-28-22 1639ET

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