Strong Dollar Pushes Gold To 11-Week Lows

Gold slipped down to an 11-week low on Tuesday, as a stronger dollar mitigated the demand for a safe haven investment in the midst of armed conflict in Ukraine.

Gold futures fell 1.7 percent to trade at $1,265.20 per ounce on the Comex, Bloomberg reported.

“Good economic data and concern about the U.S. raising rates is keeping gold under pressure,” Tommy Capalbo, a broker at Newedge Group in New York, told Bloomberg. “The political concerns seem to have taken a back seat for now.”

Earlier in the day’s trade, gold touched $1,263.10, its lowest since June 17.

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Otis-Gold-LogoOtis Gold Corp. (TSXV:OOO) is a near-term producer with an NI 43-101 resource 520,000 ounces of drill-indicated gold at its Kilgore Project in Idaho. Work is scheduled to begin soon at the North Target area of the Kilgore Gold Project. Connect with Otis Gold Corp and never miss a catalyst.

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