Gold retreats from a 3-week high and the dollar claws back some of its gains
Gold prices fell today from a three-week high in the previous session, with the US dollar recovering some of its gains, making gold bars priced in US dollars more expensive for holders of other currencies.
Spot gold was down 0.4 percent to $1,672.99 an ounce by 0449 GMT. The precious metal rose 3 percent on Friday, with the dollar slipping almost 2 percent after US jobs data revived hopes that the Federal Reserve will be less restrictive in raising interest rates going forward.
US gold futures traded at $1,676.30.
City Index analyst Matt Simpson said it’s not uncommon for prices to pull back from a big move from the previous session, with gold falling as the dollar edged higher.
The dollar index recouped some losses and rose 0.2 percent.
Four Federal Reserve policymakers said on Friday they were still considering a smaller rate hike at their next monetary policy meeting.
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