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Gold prices hover near one-week low as dollar gains

Published : Tuesday, 20 July, 2021 at 12:00 AM  Count : 303

Gold prices hover near one-week low as dollar gains

Gold prices hover near one-week low as dollar gains

July 19: Gold prices reversed course to trade at a near one-week low on Monday as investors sought comfort in the U.S. dollar amid rising coronavirus cases, although a dip in Treasury yields limited the metal's losses.
Spot gold fell 0.4% to $1,803.20 per ounce by 0833 GMT, after falling to its lowest since July 13 at $1,801.20.
U.S. gold futures slipped 0.7% to $1,802.90.
The gold market seems to be vacillating in narrow ranges with the metal not really finding a footing in the current conditions, independent analyst Ross Norman said.
Apart from a stronger dollar, gold's failure to convincingly breach the $1,820 level, and move higher, "had a detrimental impact," Norman added.
Making gold more expensive for holders of other currencies, the dollar strengthened 0.2% to a more than three-month high against its rivals. Sentiment in wider financial markets also took a beating as investors feared a relentless surge in coronavirus cases and growing inflationary pressures.
Meanwhile, many Asian countries have been forced into taking lockdown measures as they struggle to curb the highly contagious Delta variant of the coronavirus.
"The dollar strength is limiting gold's upside and sort of remains one of the key headwinds," said Harshal Barot, a senior research consultant for South Asia at Metals Focus.
"There are emerging concerns about the Delta variant and its impact on global economic growth. So, primary safe-haven flows are also going into the dollar and bonds."
Focus also remains on the European Central Bank, when policymakers are set for a showdown as they chart a new policy path amid growing fears of a third wave of coronavirus infections.
Elsewhere, silver fell 1.1% to $25.38 per ounce, palladium shed 0.3% to $2,623.40, and platinum dropped 1.2% to $1,089.02.    -Reuters





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