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Monday, October 18, 2021

Gold Prices Remain Lower as U.S. Dollar Rebounds

Gold Prices Remain Lower as U.S. Dollar Rebounds© Reuters. Gold prices still on the downside as U.S. dollar mildly strengthens

Investing.com – Gold prices remained lower on Monday, as the U.S. dollar rebounded from recent losses although sentiment on the greenback was still vulnerable.

Comex were up 0.16% at $1,359.00 a troy ounce by 08:35 a.m. ET (12:35 GMT), the highest since since September.

The dollar found some support after Friday’s U.S. GDP data showed that domestic consumption and capital spending remained strong even though the headline figure was weaker than expected due to a rise in imports.

Data on Monday showed that U.S. personal income increased in December, beating expectations for a 0.3% rise, while personal spending rose only , compared to expectations for a 0.5% gain.

But sentiment on the greenback remained fragile after U.S. Treasury Secretary Steven Mnuchin said last week that for American trade.

President Donald Trump contradicted Mnuchin’s position by defedning the need for a strong currency, but traders fear the White House may use currency policy as a tool to get better trade deals with other countries.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.42% at 89.23, not far from last Thursday’s three-year low of 88.25.

Gold is sensitive to moves in the dollar. A stronger dollar makes gold more expensive for holders of foreign currency.

Elsewhere on the Comex, lost 1.21% to $17.23 a troy ounce.

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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com

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