Gold Remains Below $1290 on Stronger U.S. Dollar

Gold failed to find support from the escalating geopolitical tensions in Ukraine as a stronger dollar offset the metal’s safe-haven appeal.  Spot gold was steady at $1,287.70 an ounce, after posting a small gain last week. The dollar index was trading near a 13-month high, hurting bullion.

Higher equities have also diminished the appetite for gold. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund and a gauge of investor demand, said its holdings fell 0.08 percent to 795 tonnes on Friday.

Hedge funds and money managers decreased their bullish futures and option bets in gold for a second consecutive week as a record rally in U.S. equities sapped demand for the safe-haven metal, data from the Commodity Futures Trading Commission showed on Friday.

CNBC

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