3 minutes - Source: CNBC
Dario Pignatelli | Bloomberg | Getty Images
Spot gold fell 1.2% to $1,513.75 per ounce. On Tuesday, prices hit their highest since Sept. 5 at $1,535.60. U.S.
The dollar index hit a two-week high on safe haven interest amongst investors looking to hedge against risks emanating from the inquiry into Trump accusing him of seeking foreign help to smear Democratic rival Joe Biden ahead of next year’s election, in turn limiting the appeal of the traditional haven, gold.
“It (gold’s pullback) started out with the strength in the dollar weakening the metals and crude; the dollar seems to be a haven,” said George Gero, managing director at RBC Wealth Management.
Gold, however, will continue to be supported “because besides the impeachment worries, everywhere the investor looks, he sees nothing but new worries which support gold prices like
Adding to an increasingly fragile backdrop
“The major underlying factor holding gold near highs is the debt that is out there with all these countries and negative interest rates
“You can use
Also on the radar was the long drawn U