Gold Lower as Safe Haven Flows Exit

Gold was steady on Tuesday and trading below a near three-week high, retaining overnight losses as investors propped up equities and the U.S. dollar, denting the metal’s appeal as a hedge.

Spot gold was little changed at $1,133.35 an ounce by 0042 GMT, after a 0.5 percent drop on Monday. The metal had climbed to a near three-week high of $1,141.50 last week.

Wall Street and European stocks rebounded more than 1 percent on Monday in rallies that, along with robust gains in the dollar and global oil markets, showed investors were tilting toward riskier assets.


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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza