|12-24-2014, 03:14 PM||#1|
Gold prices pare gains as U.S. dollar advances on strong growth data
Gold prices traded near three-week lows on Tuesday, erasing gains after solid U.S. growth data which pushed the dollar higher and increased risk appetite, boosting equities.
U.S. gross domestic product (GDP) was revised higher to 5% in the third quarter from 3.9%, expanding at the fastest pace in 11 years.
The U.S. dollar gained 0.31% against a basket of major currencies, close to a nine-year high. A stronger dollar makes dollar-denominated commodities such as gold more expensive for holders of other currencies.
Spot gold was last down 0.19% at $1178.75 per ounce, after trading higher earlier. Futures on the Comex fell 0.16% to $1177.90 per ounce. As of 17:51 GMT
Gold prices fell 2% on Monday to hit the lowest level since December 1.
The Dow Jones Industrial Average topped the 18,000 mark for the first time ever on Tuesday, while the S&P 500 was trading at historic highs.
Also, as gold is widely considered as an inflation hedge, lower oil prices have contributed in lowering that appeal for gold.
According to Reuters, gold received some support on the physical markets, with some bargain hunting coming from China after Monday’s drop.
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