Investing.com – Gold prices fell to fresh one-and-a-half year lows on Wednesday as the broadly strong dollar continued to weigh on demand for bullion.
December hit a low of $1,190.80, the weakest level since late January 2017, and were down 0.74% at $1,191.80 by 07:34 AM ET (11:34 AM GMT) on the Comex division of the New York Mercantile Exchange.
Gold prices remained below the psychologically important $1,200 level as fears over contagion effects from saw investors continue to seek safety in the U.S. dollar.
The , which measures the greenback’s strength against a basket of six major currencies, was up 0.24% at 96.77, the most since late June, 2017.
The greenback’s strength continued to offset the safe haven appeal of the yellow metal. A stronger U.S. currency makes gold and other dollar-denominated commodities more expensive for foreign investors.
Weakness in gold also weighed down other metals, with September falling 1.78% to $14.785 a troy ounce. October platinum was trading at $776.50, off 3.13% for the day.
Among base metals, September was down 2.72% at $2.610.
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Source: Investing.com
