Gold Falls from Multi-Year Peak as the U.S. Dollar Strengthens
APMEX
7/7/2020 8:16:27 AM
Gold Falls As The U.S. Dollar Grows Stronger
The Gold spot price fell on Tuesday, amid competition from the U.S. dollar as COVID-19 cases soared worldwide, and investors booked profits following bullion's rally to a near eight-year peak last week. Gold fell nearly $6 to $1,788.70 an ounce early Tuesday, which is only 26 cents shy of Wednesday's near eight-year peak of $1,788.96.
Record increases in COVID-19 cases in the United States have triggered cities to roll back reopening plans. On Monday, India, also the world's second-biggest Gold consumer, surpassed Russia to record the world's third-highest number of COVID-19 cases.
Elsewhere, Palladium dropped almost $18.50 to $1,993.80 an ounce, while Platinum rose nearly $10 to $848.30 an ounce. Silver remains mostly unchanged, shedding nearly 20 cents to $18.29 an ounce.
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