Gold continues rout as Dollar rallies

24.09.2020 - Petr Mazaylo
Gold continues rout as Dollar rallies

Gold continued its descent earlier on Wednesday as the Dollar carried on with its rally.

Spot gold, which reflects real-time trades in bullion lost 2.1% ($39.64), trading at $1,860.62 per ounce by 3:12 PM ET (1512 GMT). It dipped to a record low of $1,856, its worst in two months.

U.S. gold futures for the December delivery lost 6.9% ($22.691), trading at $1,688 per ounce.

Meanwhile, the Dollar continued to see gains on Wednesday after being boosted by a tumbling British Pound as the U.K. brought back its lockdown measures in response to the resurgence of COVID-19 cases.   

The Dollar Index, which tracks the Greenback against a basket of currencies reached a session high of 94.445, a record since mid-July.

Global events have also bolstered the Dollar, with renewed U.S.-Sino tensions, which has positioned itself as the default trade to the Trump administration’s war of words over China.

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