FOX LIVE NEWS UPDATE
PRECIOUS-Gold falls for a second day as dollar strength outweighs safe-haven demand
July 3 (Reuters) - ricesGold p fell for a second day on Tuesday to the lowest since December as strength in the U.S. dollar put pressure on the yellow metal, offsetting safe-haven demand amid mounting global trade tensions.
Spot gold XAU= fell 0.2 percent to $1,239.63 an ounce as of 0342 GMT after earlier dropping to its lowest since Dec. 12 at $1,237.36. In the previous session, it fell about 1 percent.
U.S. gold futures GCcv1 were 0.1 percent lower at $1,240.60 an ounce.
"It's all about the USD (U.S. dollar) demand rather than any news specific as the markets insatiable demand for USD to ride out yet another building perfect storm has the USD glittering. As such Gold is especially vulnerable in such an environment," said Stephen Innes, APAC trading head at OANDA.
for contact:
8006006296/ 8006707020
www.foxcommodities.co
PRECIOUS-Gold falls for a second day as dollar strength outweighs safe-haven demand
July 3 (Reuters) - ricesGold p fell for a second day on Tuesday to the lowest since December as strength in the U.S. dollar put pressure on the yellow metal, offsetting safe-haven demand amid mounting global trade tensions.
Spot gold XAU= fell 0.2 percent to $1,239.63 an ounce as of 0342 GMT after earlier dropping to its lowest since Dec. 12 at $1,237.36. In the previous session, it fell about 1 percent.
U.S. gold futures GCcv1 were 0.1 percent lower at $1,240.60 an ounce.
"It's all about the USD (U.S. dollar) demand rather than any news specific as the markets insatiable demand for USD to ride out yet another building perfect storm has the USD glittering. As such Gold is especially vulnerable in such an environment," said Stephen Innes, APAC trading head at OANDA.
for contact:
8006006296/ 8006707020
www.foxcommodities.co
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