Gold edges lower as firm U.S. dollar weighs
This photo shows gold bars stacked in rows.
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Gold eased on Tuesday after having touched a resistance at the $2,000 per-ounce level in the previous session, as the dollar rose to a two-year high and dented bullion’s appeal.
Spot gold was down 0.1% at $1,976.46 per ounce, as of 0229 GMT. U.S. gold futures slipped 0.3% to $1,981.00.
Gold climbed to $1,998.10 on Monday, buoyed by safe-haven demand, as the Ukraine crisis dragged on and inflation concerns mounted. However, the metal later gave up most gains as the dollar and U.S. 10-year Treasury yields firmed.
“That ($2,000 per ounce) is quite a critical level, and the fact that gold effectively closed flat on the day means there appears to be a slight hesitancy to push immediately higher,” said City Index’s senior market analyst Matt Simpson.
“Gold has the ability to overcome the U.S. dollar strength and break above $2,000 possibly over the next week or…
