Gold Ends Lower As Dollar Firms, Stocks Rise COMMODITIES: Gold Ends Lower As Dollar Firms, Stocks Rise
02:07 PM EDT, 08/24/2020 (MT Newswires) -- Gold ended lower on Monday, surrendering early gains as the U.S.dollar rose and investors moved to increase risk.
Gold for December delivery closed down US$7.80 to US$1,939.20 per ounce in Comex trade after reaching as high as US$1,970.30 in earlier trade.
The price of the metal has been volatile since rising to a record high of US$2,069.40 on August 6, trading below the US$2,000 mark for the past four sessions.
The U.S. dollar rose, making gold more expensive for international buyers. The ICE dollar index was last seen up 0.02 to 93.27 points.
Stocks are also higher, cutting the need for gold as a safe haven. The Dow Jones Industrial Average was last seen up 0.91%.