Gold moves down on stronger greenback

Gold moves down on stronger greenback

On Friday, gold descended because the greenback managed to regain some ground after Thursday’s three key risk events, though financial markets were still waiting for the final outcome of the British election.

In New York, August delivery gold futures dipped 0.31%, being worth $1,275.51.

The August contract concluded Thursday’s trading session just 1.06% lower, demonstrating $1,279.50 per ounce.

Futures gained support at $1,261.30, which is the minimum of June 2 as well as resistance at $1,291.50, Thursday’s peak.

The US dollar gained ground after on Thursday in his testimony ex-FBI director James Comey dared to accuse Donald Trump of sacking him for the purpose of undermining his investigation into probable collusion by the Trump campaign team with Russia's probable efforts to affect the 2016 presidential election.

The US dollar index, gauging the American currency’s value versus a trade-weighted basket of six crucial currencies, leapt 0.29%, being worth 97.22.

 

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