Commodities
Gold Prices Dip Amid Strengthening US Dollar
The gold price dipped by 0.2% on Monday, August 10, after reaching a seven-week high in the previous session. This decline is attributed to the strengthening US dollar, which makes the precious metal less attractive to foreign buyers.
As of 6:05 am, spot gold was trading at USD 4,335.24 per ounce, down by USD 6.30 from its previous value. The US dollar index, which tracks the greenback against six major currencies, rose by more than 0.1% to 99.65.
The geopolitical uncertainty surrounding the US-Iran situation has triggered safe-haven demand for the US dollar, supporting oil prices and potentially weighing on gold prices in the near term.