The precious metal edged higher, but more or less hung around near its recent level at $ 1,300 an ounce. Jordan Eliseo, chief economist at ABC Bullion, attributed the moves to a stronger US dollar and the recent reversal of bullish trading positions in the gold market.
“You’d typically expect to see a move toward safe-haven assets support the yellow metal, especially when equities take a hit, but it’s not playing out that way this time,”
Eliseo said. “Renewed concerns of the euro currency, and the subsequent US dollar strength are stronger factors in the market right now.” That’s served to weigh on gold prices, which historically have moved inversely to the US dollar.