Gold Prices Drop As Dollar Stays Firm

Investing.com – Gold prices were lower on Tuesday as the dollar stayed firm and remained well above the 94 value.

for June delivery on the Comex division of the New York Mercantile Exchange were down $1.50, or 0.12%, to $1,295.80 a troy ounce by 11:47PM ET (03:47 GMT).

Meanwhile, The that tracks the greenback against a basket of six major currencies rose 0.01% to 94.03.

Dollar-denominated assets such as gold are sensitive to moves in the dollar. A gain in the dollar usually makes gold more expensive for holders of foreign currency, and thus decreases demand for the precious metal.

On Monday, the White House confirmed a time for U.S. President Donald Trump to meet with his North Korean counterpart Kim Jong-un. The two are set to meet at 9 a.m. Singapore time on June 12.

Deemed as a safe-haven investment, gold usually attracts demand in times of geopolitical uncertainty. As tensions on the Korean peninsula seemed to ease, demand for gold also decreased.

In other precious metal trade, shed 0.04% to $16.425 a troy ounce, lost 0.28% to $899.70 an ounce and lost 0.29% to $3.129.

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