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Gold drops as investors cash out, US dollar steals safe-haven flows

From uk.reuters.com

Gold prices slipped on Thursday as the dollar jumped to multi-year highs, with the coronavirus pandemic threatening to cripple economic activity and prompting investors to sell assets to keep their money in cash. Spot gold was down 0.7% at $1,476.36 per ounce by 11:02 a.m. EDT (1502 GMT), while U.S. gold futures were up 0.1% at $1,479.20. "Clearly gold's safe-haven status has not been held up," said David Meger, director of metals trading at High Ridge Futures, adding, "players are moving towards cash." "Also, we have seen extremely strong move in the dollar over the course of the last several sessions. As we ... (full story)

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  • Category: Fundamental Analysis