Gold futures on the COMEX division of the New York Mercantile Exchange fell on Tuesday, as strength in the U.S. dollar pressured the precious metal into giving back all of the previous session's gains.
The most active gold contract for December delivery went down 5.7 dollars, or 0.44 percent, to settle at 1,291 dollars per ounce.
The greenback, as measured by the U.S. Dollar Index climbed by 0.5 percent as 1930 GMT. A stronger dollar tends to weigh on dollar-denominated gold prices.
Traders and investors also took positions ahead of the three-day economic policy symposium of global central bankers in Jackson Hole of Wyoming beginning Thursday. They will be looking for hints from central bankers on any changes to monetary policy.
Higher rates tend to boost the dollar, cutting demand for gold investors using other currencies. Higher rates also boost the appeal of investments that offer a yield, which gold does not.
As for other precious metals, silver for September delivery fell 3.3 cents, or 0.19 percent, to close at 16.982 dollars per ounce. Platinum for October dropped 4.2 dollars, or 0.43 percent, to settle at 981.3 dollars per ounce. Enditem
The most active gold contract for December delivery went down 5.7 dollars, or 0.44 percent, to settle at 1,291 dollars per ounce.
The greenback, as measured by the U.S. Dollar Index climbed by 0.5 percent as 1930 GMT. A stronger dollar tends to weigh on dollar-denominated gold prices.
Traders and investors also took positions ahead of the three-day economic policy symposium of global central bankers in Jackson Hole of Wyoming beginning Thursday. They will be looking for hints from central bankers on any changes to monetary policy.
Higher rates tend to boost the dollar, cutting demand for gold investors using other currencies. Higher rates also boost the appeal of investments that offer a yield, which gold does not.
As for other precious metals, silver for September delivery fell 3.3 cents, or 0.19 percent, to close at 16.982 dollars per ounce. Platinum for October dropped 4.2 dollars, or 0.43 percent, to settle at 981.3 dollars per ounce. Enditem
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