Gold Back to $1200 on Stronger U.S. Dollar

Gold slipped for a second straight session on Wednesday to trade below $1,200 an ounce as weaker oil prices and a stronger dollar diminished the metal’s appeal as a hedge.

Spot gold had eased 0.2 percent to $1,196.60 an ounce by 0037 GMT, after falling 1 percent in the previous session.

Oil prices resumed their slide on Tuesday, driven lower by a deal that will add more Iraqi crude to already oversupplied markets, higher margin requirements for trading U.S. futures and a strengthening dollar.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.