WEB DESK: Gold prices dropped on Monday, as the dollar hovered close to a more than one-week high, despite fears of a second wave of coronavirus infections in Beijing denting risk appetite.
Spot gold was down 0.5% at $1,720.56 per ounce as of 0640 GMT. U.S. gold futures slipped 0.7% to $1,725.30.
“Gold is caught between two conflicting forces. One is the risk-off force weighing on stocks and industrial commodities and supporting bonds and gold,” said Michael McCarthy, chief strategist at CMC Markets.
“But against that we have a stronger U.S. dollar.” .DXY
