Gold Edges Off Eight-Year Highs As U.S. Dollar Strengthens COMMODITIES: Gold Edges Off Eight-Year Highs As U.S. Dollar Strengthens
09:16 AM EDT, 06/24/2020 (MT Newswires) -- Gold edged down from eight-year highs on Wednesday despite weaker stocks as the U.S. dollar rose.
Gold for August delivery was last seen down US$3.40 to US$1,778.60 per ounce in Comex electronic trade.
The drop came despite investors shedding risk, with stock markets in Europe trading lower and futures pointing to a weaker open for U.S. exchanges because of rising Covid-19 infections in the United States, Latin America and elsewhere.
The U.S. dollar rose, making gold more expensive for international buyers. The ICE dollar index was last seen up 0.26 to 96.91 points.
Cheers to the patient investors