Gold prices fall as U.S. housing data strengthens Dollar
Gold prices fell earlier on Wednesday in Asian markets after the Dollar found strength in cheery housing market data in the U.S. despite the growth in COVID-19 cases.
Gold futures lost 1.01%, trading at $1,888.04 per ounce at 12:46 PM ET (04:46 AM GMT).
Recent housing market data in the U.S. bolstered the Greenback on Wednesday as sales reached the 6 million mark, its highest in 14 years.
A resurgence of COVID-19 cases in Europe and the U.S. also had investors flocking to the Dollar, with the U.K. already introducing new restrictions.
The increase in investors heading for the Greenback has come at the expense of gold as the recent sell-off in stocks have levelled that market. In addition, the rise in the Dollar also makes gold more expensive for traders using other currencies.
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