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Materials Edge Higher As Strong Dollar Weighs -- Materials Roundup

01/28/2022 | 04:39pm EDT

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

Stocks mentioned in the article
ChangeLast1st jan.
BRITISH POUND / US DOLLAR (GBP/USD) 0.72% 1.20083 Delayed Quote.-11.67%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.43% 0.77018 Delayed Quote.-2.99%
EURO / US DOLLAR (EUR/USD) -0.25% 1.01591 Delayed Quote.-9.80%
GOLD 0.12% 1741.9 Delayed Quote.-3.29%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.11% 0.012641 Delayed Quote.-6.06%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.49% 0.6177 Delayed Quote.-9.83%
S&P 500 1.21% 3891.47 Real-time Quote.-19.33%
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