Gold Still Falling on Strong U.S. Dollar

Gold was down 0.5 percent or $6.24 to trade at $1,248.74 per ounce on Wednesday, up slightly from a session low of $1,246.79, according to Reuters. The lowest price in today’s session was also the metal’s lowest price since June.

The dollar index remains near its highest level in more than a year, up 0.1 percent against a basket of other currencies.

“The dollar is a major headwind for the gold price,” Commerzbank analyst Daniel Briesemann told Reuters. “Our forex colleagues are of the opinion that the dollar will appreciate further, so that clearly gives even more of a headwind.”

U.S. gold futures for December delivery rose $1.20 to trade at $1,249.70.