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Gold slips on stronger dollar

Monday, July 28 09:20:42

Gold slipped on Monday due to a stronger dollar but was supported near $1,300 an ounce as its safe-haven appeal rose due to heightened tensions between the West and Russia, and violence in the Middle East. Trading during Asian hours was thin as investors were eyeing the Federal Reserve's policy meet and major U.S. data releases later in the week to gauge the strength of the economy and the outlook for the central bank's monetary policy.

Spot gold dipped 0.2 percent to $1,304.60 per ounce by 0632 GMT, largely holding the previous session's 1.1 percent gain. The metal logged its second consecutive weekly drop on Friday on strong U.S. economic data. A string of recent strong economic data has increased speculation that the Fed will hike interest rates sooner than expected. The U.S. dollar hovered near six-month highs against a basket of major currencies early on Monday, holding on to solid gains made last week.

A stronger greenback pressures dollar-denominated gold as the metal becomes more expensive for holders of other currencies. Gold, seen as an alternative investment, was also sold as Asian stocks shrugged off a drop in Wall Street and hovered near three-year highs on Monday. (Reuters)

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