Gold Price Analysis: XAU/USD hits 11-day low as dollar gains ground

Gold fell on Monday as the dollar advanced.

Renewed coronavirus concerns boosted the haven demand for the greenback.

Gold faced selling pressure on Monday as coronavirus concerns weighed over the risk sentiment and strengthened the haven demand for the US dollar.

The yellow metal dropped to $1,891 per ounce, the lowest level since Oct.15, during the Asian trading hours. The dollar index , which tracks the greenback’s value, jumped 0.11% to 92.87, as the futures tied to the S&P 500 fell by over 0.30%.The risk-off moves happened as the US registered a record daily surge in the number of coronavirus cases. According to Johns Hopkins University, the new infections rose more than 83,000 on Friday and Saturday, shattering the previous record of 77,300 cases set in July. According to CNBC, White House chief of staff Mark Meadows said Sunday that the US will not get control of the […]

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