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PRECIOUS-Gold languishes at 2-month low as dollar rallies
Published at 24/09/2020 at 09:09
* Silver slumps as much as 5.4%
* U.S. weekly jobless claims due at 1230 GMT
* Interactive graphic tracking global spread of coronavirus:
(Adds comments, updates prices)
By Eileen Soreng
Sept 24 (Reuters) - Gold fell on Thursday to its lowest level in more than two months, crippled by a robust dollar, while investors fretted over uncertainties surrounding further stimulus measures to support a sluggish economy in the United States.
Spot gold fell 0.3% to $1,857.36 per ounce at 0747 GMT. Earlier in the session, it hit its lowest since July 22 at $1,847.99. U.S. gold futures were down 0.4% at $1,860.70.
The dollar index hit a two-month peak against rival currencies. A firmer dollar makes bullion more expensive for holders of other currencies.
"Gold can't shake off this dollar dominance, that is reverberating across all asset classes," said Edward Moya, a senior market analyst at OANDA.
Meanwhile, U.S. Federal Reserve officials tried to convince investors they will keep monetary policy easy for years to allow unemployment to fall, but analysts say immediate support is unlikely before the U.S. elections.
"The stimulus side of this trade is looking rather bleak in the short term," Moya said.
Optimism over a nascent economic recovery soured as data showed business activity in the United States and Europe cooled in September as the pandemic continued to batter activities.
"We might see gold decline to $1,800-$1,780 on the downside, but beyond that once markets start focusing on its safe-haven appeal, gold should start to rally again," said Harshal Barot, senior research consultant for South Asia at Metals Focus.
Investors are now awaiting U.S. weekly jobless claims data, due later in the day, which is expected to show claims fell slightly but remained at high levels.
Elsewhere, silver fell as much as 5.4% to $21.64, its lowest in more than two months, and was last down 2.9% at $22.21. Platinum firmed 0.5% to $842.50 per ounce and palladium was flat at $2,221.13.
(Reporting by Eileen Soreng in Bengaluru; editing by Uttaresh.V and Subhranshu Sahu)
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