Gold drops as dollar losses shrink; And investor eyes on Georgia

News
Wednesday, January 06, 2021 - 16:04
Point Trader Group

Gold fell 1 percent on Wednesday, after rising earlier to its highest level in nearly two months, as the dollar trimmed its losses, while investors focused on the result of the run-off election for the two US Senate seats in Georgia.

The spot price of gold was down 0.8 percent to 1934.72 dollars an ounce, after it earlier recorded its peak in nearly two months at 1959.01 dollars.

And US gold futures fell 0.9 percent to $ 1937.20.

Craig Erlam, an analyst at Oanda, said, "In light of the gold movement in the last two days and the dollar appears to have declined more than it should, perhaps what we are seeing is just selling to take profits and some technical correction."

The dollar index trimmed its losses after tumbling to the bottom of two and a half years, which reduces the attractiveness of gold to other currency holders.

In other precious metals, silver fell 1 percent to $ 27.31 an ounce. Platinum fell 1.5 percent to $ 1095.10, while palladium fell 0.6 percent to $ 2,451.26 an ounce.


Related Topics

REQUEST A CALL BACK

Get financial advice from Point trader group experts

YOU CAN TRUST POINT TRADER GROUP

For Free Expert Financial Advice