Metals Update: Gold Up But Struggling After Dollar Recovery
Gold Action: Gold traded on a supportive footing in the European session, although it struggled to sustain upward momentum after the dollar made up ground late on in the European morning. Gold continued Tuesday’s rebound and extended to $817.80 highs, but eventually turned lower to trade back in to $806.90 lows.
The recovery in crude prices from Tuesday’s low has also helped sentiment, however, risk remains on the downside, with sentiment still weak. Gold traders are anticipating some physical demand on dips, with India in particular, expected to pick up their buying interest ahead of a series of key religious festivals.