Strong Dollar Weighs Down Gold Prices

Bloomberg reported that gold prices were down for the third consecutive session as demand for a stronger dollar outshone demand for precious metals. The dollar climbed 0.4 percent on word from the International Monetary Fund
that its expectation for global economic growth would be 3.3 percent this year, the slowest since the 2009 recession.

As quoted in the market news:

Gold futures for December delivery was up $1.10 at $1,776.80 an ounce as of 10:15 a.m. on the Comex in New York, after gaining 0.3 percent and sliding 0.2 percent. Bullion dropped 1.2 percent in the previous two sessions. The metal reached $1,798.10 on Oct. 5, the highest since Nov. 9.

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