Gold is losing its luster .. Gold is falling globally as the dollar gains
The price of gold fell on Tuesday after touching a two-week low in the previous session as increased expectations that the Federal Reserve will not cut interest rates boost the dollar and weaken the gold position as a safe haven for investors.
Spot gold fell 0.1 percent to hit $ 12766.01 an ounce by 5:52 GMT and fell to a two-week low of $ 1273.22. Gold futures in the US fell 0.1 percent to $ 1275.60 an ounce.
The dollar was near a two-and-a-half-week high today, supported by higher US bond yields, as the US-China trade rift intensified to buy the dollar as a safe haven.
Among other precious metals, silver lost 0.2%, recording $ 14.44 an ounce, approaching the lowest level in more than five months at $ 14.33 touched by the previous session. Platinum rose 0.6 percent to $ 816.73, after hitting a two-month low of $ 805.50 during the previous session, while palladium rose 0.5 percent to $ 1335.25.
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