Gold falls on dollar strength

Thursday, 26 April 2018 00:00 - - {{hitsCtrl.values.hits}}

BENGALURU (Reuters): Gold prices fell on Wednesday as the dollar advanced towards more than three-month highs and on easing concerns over North Korea and a Sino-US trade war, but found some support from sliding stock markets.

Spot gold was down 0.1 percent at $1,329.04 per ounce at 0335 GMT. The yellow metal rose 0.5 percent on Tuesday to break a three-session losing streak.

US gold futures eased 0.2 percent to $1,330.60 per ounce. “As traders put geopolitical and trade risk in the rear-view mirror for the time being, how the dollar flourishes and wilts will be the primary driver of near-term gold sentiment,” said Stephen Innes, APAC trading head at OANDA.

The dollar index, which measures the greenback against a basket of currencies, was up 0.1 percent at 90.816, just below 91.076 hit in the previous session, its strongest level since Jan. 12.