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.