Gold Prices Fall In Asia On Profit Taking, Mild Dollar Rebound

Investing.com – Gold prices fell in Asia on Thursday in profit taking and after a mild dollar rebound overnight.

for February delivery on the Comex division of the New York Mercantile Exchange fell 0.84% to $1,327.90 a troy ounce. fell 0.03% to $3.191 a pound. The rose 0.47% to 90.65.

Overnight, gold prices remained close to four-month highs on Wednesday amid expectations the precious metal would likely ‘shrug off’ rate hike worries while dollar weakness limited downside.

In a rising interest rate environment, investor appetite for gold weakens as the opportunity cost of holding the precious metal increases relative to other interest-nearing assets such as bonds.

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