Gold falls below $1800 on rising dollar

Gold prices slumped on Tuesday, falling below the $1,800 psychological barrier, as the US dollar rallied against most of its counterparts.

US stock and bond markets in Wall Street were closed yesterday, in observance of the Labor Day holiday.

Goldman Sachs slashed its US economic growth forecast in 2021 to 5.7% due to concerns over the delta variant and the possibility of anther lockdown restrictions.

The dollar index rose against a basket of major currencies by 0.5% to 92.4 points as of 17:39 GMT, after hitting a high of 92.5 points and a low of 92.1 points.

As of 17:39 GMT, gold spot prices rose 1.9% or $35.8, to $1797.9 an ounce, after hitting a high of $1,829.5 and a low of $1,793.7.