Gold continues slump as Dollar Index strengthens

Gold continues slump as Dollar Index strengthens

Gold prices fell by another 1.2% on Thursday as more investors went on a selling spree as a strengthening Dollar kept buyers from supporting the yellow metal.

Gold futures for December delivery on Comex fell by $23.80, selling at $1,946.50.

The spot price for gold gained 1% ($18.97) to $1,947.93 at 03:00 PM ET (19:00 GMT).

While gold futures on Comex and the spot price of bullion traded higher on Thursday in contrast to Wednesday’s lows, gains were limited by the gains in the Dollar Index, which rebounded swiftly after Wednesday’s 2.1% plunge.

The safe-haven yellow metal had previously soared above the record $2,000 mark, trading at $2,025 per ounce on Tuesday after the Dollar Index plunged to a 27-month low of 92.11.

However, gold tumbled on the next day after the Dollar Index rose after minutes of the U.S. Fed July meeting was released. The minutes revealed the central bank pushing to keep interest rates near zero in order to keep the economy afloat amid the COVID-19 pandemic.

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