KONTAN.CO.ID - JAKARTA. Gold fell on Tuesday as the dollar climbed to its highest in over a month, while investors remained doubtful over additional stimulus measures to aid the coronavirus-hit economy ahead of speeches from Federal Reserve officials this week. Spot gold fell 0.4% to $1,904.21 per ounce by 1151 GMT, after a steep sell-off dragged it down to its lowest level since Aug. 12, at $1,882.70 on Monday. U.S. gold futures rose 0.1% to $1,911.60 per ounce. The dollar , also considered as a safe-haven, notched a six-week high against a basket of other major currencies earlier in the session, dimming the appeal of bullion for other currency holders. "Gold could be well below yesterday's lows depending on how deep the equity sell-off goes. It's just a function of how panicked investors are," Bank of China International analyst Xiao Fu said, adding the increased risk-aversion could support the dollar and weigh on gold.
Gold falls as dollar jumps to six-week high
KONTAN.CO.ID - JAKARTA. Gold fell on Tuesday as the dollar climbed to its highest in over a month, while investors remained doubtful over additional stimulus measures to aid the coronavirus-hit economy ahead of speeches from Federal Reserve officials this week. Spot gold fell 0.4% to $1,904.21 per ounce by 1151 GMT, after a steep sell-off dragged it down to its lowest level since Aug. 12, at $1,882.70 on Monday. U.S. gold futures rose 0.1% to $1,911.60 per ounce. The dollar , also considered as a safe-haven, notched a six-week high against a basket of other major currencies earlier in the session, dimming the appeal of bullion for other currency holders. "Gold could be well below yesterday's lows depending on how deep the equity sell-off goes. It's just a function of how panicked investors are," Bank of China International analyst Xiao Fu said, adding the increased risk-aversion could support the dollar and weigh on gold.