Gold edges lower as firm US dollar weighs

Gold edges lower as firm US dollar weighs

Spot gold was down 0.1% at $1,976.46 per ounce, as of 0229 GMT. U.S. gold futures slipped 0.3% to $1,981.00.







Reuters









April 19, 2022 / 09:58 AM IST





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Gold eased on Tuesday after having touched a resistance at the $2,000 per-ounce level in the previous session, as the dollar rose to a two-year high and dented bullion's appeal.

Spot gold was down 0.1% at $1,976.46 per ounce, as of 0229 GMT. U.S. gold futures slipped 0.3% to $1,981.00.

Gold climbed to $1,998.10 on Monday, buoyed by safe-haven demand, as the Ukraine crisis dragged on and inflation concerns mounted. However, the metal later gave up most gains as the dollar and U.S. 10-year Treasury yields firmed.

"That ($2,000 per ounce) is quite a critical level, and the fact that gold effectively closed flat on the day means there appears to be a slight hesitancy to push immediately higher," said City Index's senior market analyst Matt Simpson.

"Gold has the ability to overcome the U.S. dollar strength and break above $2,000 possibly over the next week or so."

The dollar firmed to its highest since April 2020 as investors braced for multiple half a percentage-point