Gold edges back to start trade in final week of 2021
Gold futures were retreating from a five-week high Monday but were holding above the psychologically significant price at $1,800 in the final week of trading in 2021.
Gold’s retreat to start the week comes as the dollar was gaining some traction, with little data and news to constrain the buck in the week following Christmas. Greenbacks were rising 0.2% on the session and have gained nearly 7% so far in 2021, as measured by the ICE U.S. Dollar Index DXY, 0.24%. A stronger dollar could impede buying in commodities priced in the currency such as precious metals.
“Gold was unable to move past the $1,810 resistance, slipping to around $1,805/oz as the US dollar edged up.”
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