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

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