|09-09-2014, 02:01 PM||#1|
Gold trades near 3mth low as dollar remains firm
Gold traded near 3-month low on Tuesday as pressure from strong dollar continued to lower demand on the metal as an alternative investment.
The yellow metal found support after falling to $1250 levels, but the dollar’s rise to its highest since July 2013 damped demand on all dollar-priced commodities.
Gold is currently trading around $1254.92 after hitting a high of $1257.92 and a low of $1253.89.
The dollar index, which tracks the green currency’s movements versus a basket of six major currencies, rose to a new high of 84.50 to resume its upside rally.
Despite the downbeat nonfarm payrolls figures last week, the dollar remained firm due to the weakness in other major currencies.
The U.S. lack fundamentals today but later in the week the focus will be on retail sales for August.
On the political front, the tensions eased in Ukraine after a ceasefire agreement between Kiev and Pro-Moscow rebels.
“Russia signaled on Monday it might ban Western airlines from flying over its territory as part of an "asymmetrical" response to new European Union sanctions over the Ukraine crisis,” Reuters said.
Crude oil for October’s delivery was little changed to trade around $93.09 a barrel after setting a low of $91.79 on Monday.
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