Gold falls from one-year high as its safe-haven appeal loses its shine
Bengaluru — Gold fell early on Monday after hitting its highest level in more than a year in the previous session, as the dollar recovered from last week’s lows and as a lack of geopolitical developments dented safe-haven appeal. Spot gold was down 0.7% at $1,337.61/oz by 3.57am GMT. It rose to $1,357.54 on September 8, the highest since August 16 2016. US gold futures for December delivery were also down 0.7% at $1,341.70/oz. "The major determinant of gold last week was actually geopolitical tensions, but over the weekend, we did not see any crisis triggering event so we’re going to have less chances for gold prices in the upward direction," said Mark To, head of research at Hong Kong’s Wing Fung Financial Group. The US dollar won a reprieve from risk aversion on Monday and pulled away from last week’s two-and-a-half-year low after North Korea held a party at the weekend rather than launch another missile. "I would go long on the dollar for one week or so, but not for too long beca...
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