Gold prices down as economic and Dollar recovery signs emerge

Gold prices down as economic and Dollar recovery signs emerge

Earlier on Friday, gold prices traded lower earlier in Asia amid emerging signs that the U.S. economy was on track for a recovery. A rebounding U.S. Dollar also put the pressure on the yellow metal, though losses in gold were limited over the suspension of talks for a stimulus deal in U.S. Congress.

Gold futures fell by 0.71%, trading at $1,956.40 per ounce at 11:11 PM ET (04:11 AM GMT).

Signs of an economic recovery in the U.S. also put a dent in the demand for the safe-haven metal.

On Thursday, the U.S. saw 963,000 people applying for initial jobs claims for last week, a much lower number than the 1.1 million forecasted by

However, the hold up in negotiations for a stimulus deal in the U.S. kept the yellow metal above the $1,900 mark. The Senate announced they would not return for August unless negotiators reach a decision.

An impasse over the next round of negotiations also looks likely, as Democrats and Republicans have yet to reach a conclusion. Many believe that the lack of progress could help gold prices back above the $2,000 mark.

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