Gold Drops for Third Time in Four Days as Dollar Rebounds
This article is for subscribers only.
Gold futures fell for the third time in four sessions as the dollar’s rebound damped demand for the precious metal as an alternative investment.
The Bloomberg Dollar Index, a gauge against 10 major currencies, rose as much as 0.2 percent. Earlier, gold reached a one-week high as U.S. lawmakers remained at an impasse on the budget and an increase for the nation’s debt ceiling, boosting demand for a haven. Futures trading was 27 percent below the average for the past 100 days, data compiled by Bloomberg showed.