Gold prices fell below $1,900 an ounce on Tuesday as the dollar rallied on an impasse over US stimulus. Investors also latched onto a slightly less stark economic report card from the International Monetary Fund, which alleviated some of the economic concerns surrounding the covid-19 crisis.
Spot gold fell 1.5% at $1,894.73 per ounce by 11:55 a.m. EDT, after falling by as much as 1.9% earlier in the session. US gold futures lost 1.6% to $1,898.00 per ounce in New York.
Meanwhile, the US dollar jumped 0.4% against rivals on Tuesday, making bullion more expensive.
“The stagnation in Washington over the next stimulus package continues to pressure assets like gold that were relying on the weakness in dollar for the next wave of support,” David Meger, director of metals trading at High Ridge Futures, told Reuters.
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