Gold Falls as Stronger Dollar Weighs on Precious Metal

Gold futures on Bursa Malaysia Derivatives closed lower on Wednesday due to a strengthening US dollar, which weighed heavily on the precious metal.

According to Stephen Innes, global strategist at Quintex Intel, the US dollar remains strong following hawkish comments from several Federal Reserve officials.

Innes noted that as long as the greenback continues to strengthen, gold will struggle to regain its overnight momentum.

Despite the possibility of an amicable meeting between US President Donald Trump and Chinese President Xi Jinping, which could improve East-West relations, Innes said this does not appear to be a significant factor driving gold prices today.