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Gold falls as dollar strength outweighs safe-haven demand
FXStreet (Córdoba) - Gold dropped to its lowest in over a week Tuesday, as ongoing geopolitical woes in Ukraine failed to underpin the metal.
Gold spot was dragged lower by broad USD strength, with the metal hitting its lowest since Aug 25 at $1,274.50. At time of writing, XAU/USD is trading at $1,276 an ounce, recording a 0.78% loss on the day.
However, from a wider view, the yellow metal is still trapped in a range, but trading could pick up heading into the end of the week, when the US will release the nonfarm payrolls report.
As for silver, the gray metal lost 0.46% and it was last trading at $19.35 an ounce.
