Gold Prices Pressured by Strong Dollar, Copper Falls Further
Gold prices fell slightly in Asian trade on Tuesday, extending recent losses as strength in the dollar pressured metal prices.
Dollar Hits 2-Month High, Weighs on Gold Prices
The greenback hit an over two-month high on Monday, driven by expectations of smaller interest rate cuts.
Copper Faces Sustained Pressure Amid China Concerns
Industrial metals also retreated, with copper facing sustained pressure from concerns over top importer China.
Key Market Data:
- Spot gold fell 0.1% to $2,645.74 an ounce
- Gold futures expiring in December fell 0.1% to $2,662.10 an ounce
- Dollar index hit an over two-month high
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Additional Sections:
Market Outlook:
- Strong dollar and China concerns signal a bearish market outlook for gold.
- Traders should consider short-term trading strategies.
Trading Strategy:
- Consider selling gold futures on rallies.
- Monitor silver and copper prices for potential buy opportunities.