Gold Falters in Ascent Toward $1,800, Buffeted by Rising Dollar
- Prices slip as dollar index recovers from early losses
- Metal buoyed by waning expectation of global economic recovery
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Gold faltered in its ascent toward $1,800 an ounce as a strengthening dollar undercut demand for the metal.
Bullion futures rallied to just shy of the level last seen at the end of 2011, the year bullion notched its all-time high, as rising cases of Covid-19 globally bolstered investor enthusiasm for bullion as a haven. Gold erased gains early in the U.S. session as a gauge of the dollar advanced, reducing the appeal of the metal as an alternative asset.