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Strong dollar brings gold prices down

by Jonathan Adams

Gold eased on Tuesday as the dollar firmed, even as expectations of a near-term US interest rate hike lost steam after last week’s disappointing US growth figures.

The dollar index, which measures the greenback against a basket of six major currencies, rose 0.1 per cent to 95.824, having fallen to as low as 95.384 last week when it posted its biggest loss in three months.

“Firm dollar is bringing down gold by a bit,” said a Japanese trader.

MKS PAMP Group trader Sam Laughlin said, “Gold continues to trade with a bid tone and we see $1,345 – $1,350 (£1,016.63 – £1,020.45) as broadly supportive over the short-term as the metal looks for a break higher towards $1,375 (£1,039.35)”.

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