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Gold falls from 11-week high on stronger dollar, profit-taking
*Call@9719001941*
www.RoyalTraders.co
*Best Accuracy For Royal Traders*
Gold falls from 11-week high on stronger dollar, profit-taking
Gold slipped from an 11-week high on Thursday as the dollar gained and investors booked profits, but rising tensions over military escalation in Syria prevented further losses.
Snapping a four-day winning streak, spot gold XAU= fell 0.4 percent to $1,347.03 an ounce at 0956 GMT. U.S. gold futures GCcv1 fell 0.7 percent to $1,350.20.
The dollar index .DXY gained 0.2 percent, dragging down commodities priced in the U.S. currency.
"It's looking like profit-taking," said ING commodities strategist Oliver Nugent, adding that support from geopolitical tensions was not enough to bring gold back above $1,350.
Underpinning bullion was news that British ministers planned to gather on Thursday to discuss whether to join the United States and France in possible military action in Syria that could bring direct confrontation between Western and Russian forces. President Donald Trump on Wednesday warned Russia of imminent military action in Syria over a suspected gas attack, declaring that missiles "will be coming" and lambasting Moscow for standing by Syrian President Bashar al-Assad. is often used as a store of value during times of financial or political uncertainty, generally gaining along with assets such as the Japanese yen and U.S. Treasuries.
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