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Gold slips as dollar heads for fourth loss in a row
Monday, 14 May 2018 20:00 WIB | PRECIOUS METALS |GOLDEMASEmas berjangka

Gold futures traded slightly lower in bumpy trade on Monday, with a popular gauge for the dollar putting the buck, an influential asset for the commodity, also poised for a multisession skid.

In recent trading, June gold fell $2.20, or 0.2%, to $1,318.50 an ounce. It was positive earlier in the day. Gold futures have held below Thursday's settlement at $1,322.30, which marked a recent peak, the highest finish for a most-active contract since April 27. Gold futures logged a roughly 0.5% rise last week, however, the first weekly climb in about a month.

The dollar is up 0.6% so far in May, trimming its drop over the past 12 months to about 7%. A stronger U.S. currency makes dollar-denominated gold most expensive for user of other currencies. A recent ascent in the buck has helped to limit gold™s moves.

A time of geopolitical uncertainty on at least three fronts, including Iran, North Korea and trade with China, has rattled markets, but hasn™t engendered the type of uncertainty sufficient to push bullion higher.

The ICE U.S. Dollar Index - which measures the greenback against a half-dozen counterparts - fell to 92.367 Monday, down from 92.509 late Friday in New York. The buck suffered its first weekly decline through Friday after three consecutive weekly gains as relatively subdued inflation data stirred doubt over market expectations for two additional, rather than three, interest-rate hikes by the Federal Reserve in 2018.

Source: Marketwatch

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