Gold prices fall over 1% as appetite for havens dull despite rise in COVID cases

Gold slips early Thursday A stronger greenback can influence trading in assets pegged to the monetary unit, making prices of assets like gold relatively more expensive to those using other currencies.

But some commodity experts say that gold’s inability to gather momentum substantially this week, even as the dollar has weakened, signals that the path higher for bullion may be eroding.

“ In terms of gold prices, we see more selloff for the precious metal. This comes at a time when the dollar index is already quite weak. This shows that investors have started to move away from safe-haven assets, and they are more motivated to deploy their capital in riskier assets,” said Naeem Aslam, chief market analyst at AvaTrade in a research note.

On Thursday. December gold GCZ20, -0.83% was trading $23.40, or 1.3%, lower at $1,850.70 an ounce, following a 0.6% decline. Gold prices were headed for its lowest intraday […]

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