Gold falls for the second straight day

Gold prices fell on Monday, for the second straight day, as profit-taking from a 6-week high continued, while the US dollar rose today against its rivals.

Gold prices rose 0.6% to $1,783.42 an ounce, after opening at $1,793.20, and hit a high of $1,794.37.

Gold closed lower by 0.8% yesterday, the first daily loss in 6 days, after hitting a 6-week high at $1,813.94 an ounce.

The dollar index rose less than 0.1% today, which weighs down on dollar-denominated metals prices.

Data showed yesterday that the US consumer confidence to 113.8 points in October, beating expectations of 108.4 points, rising from 109.8 points during September.

Gold stocks at the SPDR ETF rose 1.74 metric tonnes, with the total at 979.81 mt, after hitting the lowest level since April 2, 2020 of 979.81 mt.