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Gold Futures Settle Sharply Lower As Dollar Rises

Gold prices drifted lower on Tuesday as the dollar firmed up against major currencies, rebounding from a recent weak spell, after optimism about fiscal stimulus faded a bit this afternoon.

Still, it appears the continued spurge in coronavirus cases probably limited gold's losses.

On the Covid-19 front, Johnson & Johnson said it had temporarily halted its Covid-19 vaccine trial due to an unexplained illness in a participant, raising uncertainty about the timing and effectiveness of a vaccine.

According to reports, coronavirus cases have surged in many parts of the world and several countries have reimposed social-distancing measures and announced fresh lockdown restrictions to limit the spread of the virus.

The dollar index rose to 93.60 after moving just above the flat line during the European session. It was last seen at 93.54, up more than 0.5% from the previous close.

Gold futures for December ended down $34.30 or about 1.8% at $1,894.60 an ounce, snapping a three-day winning streak.

Silver futures for December closed lower by $1.142 or 4.5% at $24.129 an ounce, while Copper futures for December settled at $3.0445 per pound, down $0.0195 or 0.6% from the previous close.

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