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Gold falls after strong gains in the previous session, as the dollar rose
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Economy News _ Baghdad NEW YORK (Reuters) - Gold prices tumbled on Tuesday as investors sold off profit after strong gains in the previous session after dozens of prominent Saudi figures were arrested in an anti-corruption probe, pushing oil to a two-and-a-half-year high, America. Spot gold fell 0.36 percent to $ 1277.39 an ounce late in the US session, while US contracts for December delivery fell 0.5 percent to settle at $ 1275.80 an ounce. The dollar resumed gains on Tuesday against a basket of major currencies. The precious metal rallied strongly in New York trading on Monday, ending the session on gains of about 1 percent, the largest one-day increase in six weeks. The jump in oil prices, supported by the situation in Saudi Arabia, the dollar's decline and concerns about US President Donald Trump's trip to the Far East, have pushed gold prices higher, said Afshin Nabawi, director of trading at MKS. Among other precious metals, silver fell 1.49 percent to $ 16.97 an ounce, after reaching its highest level since October 20 at $ 17.27 an ounce earlier in the session. Platinum fell 1.42 percent to $ 921.25 an ounce, while palladium dropped 0.49 percent to $ 995.10 an ounce. |
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