Gold Prices Ease on Stronger Dollar, Virus Woes Cap Losses

Gold prices eased on Thursday due to a stronger US dollar NSE -0.34 %, although concerns over rising coronavirus cases and simmering US-China tensions kept bullion close to a near nine-year high.

Spot gold was down 0.3 per cent to $1,805.62 per ounce by 0705 GMT, just $12 shy of its highest since September 2011 hit last week. US gold futures fell 0.3 per cent to $1,807.90.

The dollar index rose 0.1 per cent against its rivals, making gold more expensive for holders of other currencies. Data out of China showed its economy grew 3.2 per cent in the second quarter from a year earlier, while retail sales unexpectedly fell again last month, pointing to waning consumer demand…

View entirety: Economic Times