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Gold edges lower as gains in U.S. dollar and stocks dull luster


Tuesday, 1 October 2019 20:08 WIB

GOLDEMAS


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Gold prices are lower on Tuesday, a day after the precious metal slid more than 2%, driven least partly driven by a powerful U.S. dollar rally and recent gains in equities.

Gold for December delivery on Comex fell $3.50, or 0.2%, to reach $1,469.40 an ounce, after retreating 2.2% on Monday and declining 3.7% in September.

The yellow metal, however, posted a 3.4% gain in the second quarter of 2019.

Recent struggles for bullion have come as the U.S. dollar has strengthened against major currency rivals and as U.S. stocks have edged up. The ICE U.S. Dollar Index, a measure of the currency against a basket of six major rivals, is at its highest level since April of 2017 after notching a 3.4% gain in the second quarter, marking its strongest quarterly climb since a 5% rally in the second quarter of 2018.

Source : Marketwatch


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