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Gold Extends Early Losses As Upbeat U.S. Data Boosts U.S. Dollar

Live 24 hours gold chart [Kitco Inc.]

(Kitco News) - Gold prices are trading solidly lower and are close to last week's 10-month low in late morning dealings Wednesday. Some upbeat U.S. economic data released today has pushed the U.S. dollar index higher, which has in turn helped to pressure the gold market. A rally in the U.S. stock market is also a negative for the safe-haven yellow metal. Sharp gains in the crude oil market after reports of an OPEC oil-production-cut agreement have done little to help the gold bulls today. February Comex gold futures were last down $13.30 an ounce at $1,177.60.

By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com

 

 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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