Gold set for worst quarter since 2016-end on robust dollar, yields – News 24-7 Live News 24-7 Live
Gold set for worst quarter since 2016-end on robust dollar, yields

Gold set for worst quarter since 2016-end on robust dollar, yields

Spot gold was down 0.3% to $1,679.41 per ounce by 0438 GMT, after hitting its lowest since March. 8 at $1,677.61. It has declined more than 3% so far this month and 11.4% during the quarter.

Spot gold was down 0.3% to $1,679.41 per ounce by 0438 GMT, after hitting its lowest since March. 8 at $1,677.61. It has declined more than 3% so far this month and 11.4% during the quarter.

US gold futures were down 0.4% to $1,679.10 per ounce on Wednesday.

“Gold looks vulnerable today and I mostly put it down to the U.S. dollar’s strength seen overnight,” said OANDA senior market analyst Jeffrey Halley.

“The dollar’s rally is gaining momentum and unfortunately, after holding its own for the past couple of weeks, gold is in danger of invalidating its attempt to trace out a longer-term bottom.”

The dollar index rose to its highest in nearly five months against rivals and was on track for its best month since November 2016.

News Source : Hindustan times

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