Gold falls for the second straight day

Gold prices fell on Tuesday, deepening losses for the second day, and pulled back from a 2-month high on correction and profit-taking, as the US dollar continued to recover against a majority of rivals. 

Gold prices fell 0.75% to $1,809.65 an ounce, after opening at $1,823.34, and hit a high at $1,827.31.

Gold closed lower by 0.2% yesterday, on profit-taking from a 2-month high of $1,834.01.

The dollar index rose 0.1% today, moving away from its 4-week low of 91.94 against a basket of major rivals. 

Dollar remains under pressure from disappointing jobs data from the US last Friday, which hurt chances of earlier policy tightening in the next two years. 

Investors await a basket of important data, including growth and consumer sentiment data for Europe. 

Gold stocks at the SPDR ETF remained unchanged yesterday, with the total at the lowest level since April 9, 2020 at 998.52 metric tonnes.