Gold continues rout as Dollar rallies
Gold continued its descent earlier on Wednesday as the Dollar carried on with its rally.
Spot gold, which reflects real-time trades in bullion lost 2.1% ($39.64), trading at $1,860.62 per ounce by 3:12 PM ET (1512 GMT). It dipped to a record low of $1,856, its worst in two months.
U.S. gold futures for the December delivery lost 6.9% ($22.691), trading at $1,688 per ounce.
Meanwhile, the Dollar continued to see gains on Wednesday after being boosted by a tumbling British Pound as the U.K. brought back its lockdown measures in response to the resurgence of COVID-19 cases.
The Dollar Index, which tracks the Greenback against a basket of currencies reached a session high of 94.445, a record since mid-July.
Global events have also bolstered the Dollar, with renewed U.S.-Sino tensions, which has positioned itself as the default trade to the Trump administration’s war of words over China.
EN
ES
RU
DE