Gold Holds Near $4,030 as Dollar Weakens on Easing Tensions
Spot gold traded around the $4,030 zone on Monday, little changed from Friday’s close but down on the day after an initial bullish gap. Easing Middle East tensions weighed on oil prices and softened the US dollar.
Gold prices remained depressed above the $4,000 mark, changing little from the prior session’s close. After opening the week with a bullish gap, the metal turned lower and traded near $4,030.
The US dollar eased through the first half of Monday as geopolitical fears subsided. Easing tensions in the Middle East caused crude oil prices to retreat, reducing safe-haven demand for the greenback.
The combination of a softer dollar and a risk-on mood limited gold’s downside, but the initial gap fill kept the metal in negative territory.
Source: FXStreet Forex News