Gold Dips on Strong Dollar, Changes in India

Weighed down by a number of factors, gold prices fell on today after hitting a three-week high the day before. Spot gold fell $7.96 to $1,327.41 an ounce, Reuters reported. Gold futures for December delivery were also down $7.30 to $1,326.80 an ounce.

The dollar rose and investors are waiting for new U.S. retail sales data – two factors that impacted gold today, according to Reuters.

India, which is the world’s largest consumer of gold, hiked import taxes, which also affected gold. Tariffs on gold imports shot up to 10 percent from 8 percent, Bloomberg reported.