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Gold keeps falling short as The Greenback gains strength

  • Regular
  • FX Market
  • 3 months ago
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Gold found itself on a downward trajectory for a third straight session Tuesday, with a key dollar benchmark flexing its muscles on the back of weakness in the euro and British pound, as traders followed the U.K’s divorce from the European Union.

U.S. stocks and indexes were rather mixed, hence giving little support to the haven metal even as remarks from President Donald Trump refreshed the trade war with China by claiming almost no hope to prospects of a near-term resolution of the trade tensions between the U.S. and China.

Gold for December delivery GCZ8 -0.40% was down $5.90, or 0.5%, at $1,216.50 an ounce. Gold for February deliveryGCG9 -0.37%, which has higher open interest volume, shed $5.20, or 0.4%, to reach $1,223.50 an ounce.

December silver SIZ8 -0.28% traded down by 5.5 cents, or 0.4%, at $14.15 an ounce. The March contractSIH9 -0.26% was down 5.8 cents, or 0.4%, at $14.285 an ounce.

The SPDR Gold Shares GLD -0.47% and iShares Silver Trust SLV -0.49% ETFs were each down by about 0.1%. The VanEck Vectors Gold Miners ETFGDX -1.64% shed 1%.

The ICE U.S. Dollar Index DXY 0.20% advanced 0.3% to 97.326, with both the euro EURUSD -0.21% and British pound GBPUSD -0.47% down versus the greenback.

 

 

 

 

 

Source: Smart Trend Team/ Marketwatch