Gold Futures Drop to $1,366 on Stronger Dollar

Due to a strengthening U.S. dollar, gold futures for December on the COMEX in New York declined to $1,366 an ounce Aug. 19. This is a drop of $5.00, or 0.4 percent, from the previous session, The Wall Street Journal reported. Earlier in the day, gold for December delivery fell $6.80 to $1,364.20 an ounce in New York, according to MarketWatch.

Commodities suffer when the dollar performs well because they become more expensive for foreign investors. Gold was also down as the market anxiously awaits the release of the Federal Open Market Committee meeting minutes, which are expected on Aug. 21.