Gold labours under firm dollar as currency remains close to one-year high
Bengaluru — Gold prices eased for a sixth consecutive session on Friday, hovering near a one-year low hit in the previous session, as the dollar traded close to a one-year high.Spot gold was down 0.3% at $1,218.72/oz at 3.52am GMT. In the previous session, it fell to its weakest since early July last year at $1,211.08/oz. US gold futures were down 0.5% at $1,218.30/oz."It seems gold cannot really get anything going on the upside," said INTL FCStone analyst Edward Meir."So nothing changed despite the flurry caused by the president’s remarks and so gold continues to labour under a stronger dollar, higher rates slated for the balance of this year and next and general fund disenchantment with the long side." The dollar index, which measures the greenback against a basket of six major currencies, stood at 95.127. It dropped from a one-year high on Thursday after US President Donald Trump expressed concern about the currency’s strength and the Federal Reserve’s interest rate increases. Tr...
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