Gold falls for first day in 4 as dollar rebounds

Economies.com
2020-07-07 11:23AM UTC

Gold prices fell on Tuesday, to head for the first daily loss in 4 days, as the US dollar rebounded against a basket of currencies, and weak safe-haven demand.

 

Gold prices fell 0.5% to $1,773.56 an ounce, after opening at $1,783.06, with a session high of $1,787.09.

 

Gold gained 0.5% yesterday, posting its third straight daily gain, as the US dollar fell.

 

The dollar index rose 0.4%, to head for its first daily gain in 3 days, within recovery attempts from a 2-week low of 96.57 points against a basket of major currencies.

 

This came on renewed demand for the greenback as the best alternative investment, amid the spike in coronavirus infections in the US, India and Brazil, and the reemergence of outbreak in Australia, which raised doubts about the global economic recovery.

 

Gold prices were also weighed down by growing odds for wide-scale drop in most markets, which renewed fears of a liquidity crunch, and forced investors to liquefy their safe assets.

 

Gold stocks at the SPDR ETF remained unchanged yesterday, with the total at the highest level since May 2013 of 1,191.47 metric tonnes.

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