Gold News: Gold Recovers Slightly After Overnight Losses
Gold News
Spot gold increased by 0.5%, to $1,073.60 an ounce, after Monday’s selloff where gold fell by 0.6%. The dollar has slightly weakened over the past 24 hours, which is typically good for gold prices.
Gold is supposed to hedge against oil-led inflation, and, therefore, its demand fell as oil fell more than 3% yesterday. The chart below shows the 5-day comparison of crude oil in blue and spot gold in green, courtesy of Yahoo Finance.
INTL FCStone analyst Edward Meir explained to Reuters that “”Over the short-term, the precious metal will likely trend sideways as funds look to close out the year and contemplate heading into next year with a fresh slate.”
