Gold falls to 1-week low on stronger dollar

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- REUTERS, NEW DELHI

Feb 8, 2019-

Gold fell to a more than one-week low on Thursday, pressured by a stronger dollar, but worries over slowing global economic growth and the spectre of another US government shutdown kept the safe-haven metal above the key $1,300 level.Spot gold fell 0.1 percent to $1,304.25 per ounce by 0730 GMT, after touching its lowest since Jan. 29 at $1,302.11. Prices fell 0.7 percent in the previous session in their biggest one-day drop since Jan. 18. US gold futures were down 0.4 percent at $1,308.70. “Reserve Bank of Australia’s comments were seen as a significant walk back. Markets didn’t like that as it stokes global slowdown concerns, which saw dollar gaining and gold moving down,” said Ilya Spivak, a senior currency strategist with DailyFx. “It is really difficult for gold to find lasting support here as the dollar looks strong.” 

Published: 08-02-2019 13:36

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