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Gold hovers near 3-month low as dollar strength continues

Category: Economy

Date: 2022-05-16T07:13:22+0000
Gold hovers near 3-month low as dollar strength continues

Shafaq News / Gold prices edged down in choppy trading on Monday as a strong dollar hurt demand for the greenback-priced metal and set it on course for a more than three-month trough hit in the previous session.

However, a fall in benchmark U.S. 10-year Treasury yields limited losses in zero-yield gold, helping keep prices above the key psychological support level of around $1,800 per ounce.

Spot gold was down 0.1% at $1,808.61 per ounce, as of 0539 GMT. U.S. gold futures dipped 0.2% to $1,804.80.

Marking a fourth straight weekly decline, gold prices on Friday fell more than 1% to $1,798.86 per ounce, before closing at $1,811.15.

Concerns around global growth helped the dollar start the week just off a 20-year high against its peers, making rival safe-haven gold less attractive for buyers holding other currencies.

(Reuters)

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