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Gold costs dipped on Tuesday as its protected haven attract was blunted by a robust greenback, which added to beneficial properties after the discharge of robust U.S. financial information amid the brand new coronavirus pressure within the UK.
Spot gold fell 0.2% to $1,872.56 per ounce by 1038 a.m. EDT (1538 GMT), whereas U.S. gold futures fell 0.4% to $1,876.
Bullion hit a six-week excessive of $1,906.46 on Monday, primarily supported as U.S. Congress authorized a $892 billion coronavirus support package deal to assist the pandemic-ravaged financial system.
“While gold prices are prone to profit-taking into the year-end given prices are up over 20% this year, a number of risks continue to linger amid tighter lockdown measures and restrictions, new strain of the virus and Brexit negotiations,” Standard Chartered Analyst Suki Cooper mentioned.
The greenback firmed in opposition to a basket of friends, helped by U.S. financial information, and weakening rivals, which had been weighed down by Brexit uncertainty.
Data earlier confirmed the U.S. financial system grew at a report tempo within the third quarter, weighing on the safe-haven bullion.
“Stimulus talks are behind us…(but) I’m not super optimistic on gold at the moment. I don’t think it has the firepower to break out to the upside,” mentioned Phillip Streible, chief market strategist at Blue Line Futures in Chicago.
“If the new strain does make its way into the U.S. and does reinfect people, that could really cause some additional economic damage and that could be kind of the next tailwind for gold.”
In different metals, silver fell 1.5% to $25.76 an oz., distancing itself from a greater than three-month peak hit within the earlier session.
Platinum was down 0.1% at $1,008.01 and palladium rose 0.6% to $2,321.80.
Disclaimer: This publish has been auto-published from an company feed with none modifications to the textual content and has not been reviewed by an editor
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