Gold falls as U.S. dollar strengthens amid light trading
Gold Prices Dip Amid Holiday-Thinned Trading
On Monday, gold prices declined as trading volumes remained low due to major holidays in both the U.S. and Asia. The strength of the U.S. dollar added further downward pressure on the precious metal. By 13:18 GMT, spot gold had dropped 0.9% to US$4,997.77 per ounce, following an earlier decrease of over 1% during the session. U.S. gold futures for April delivery slipped 0.6% to $5,018.70 per ounce.
According to Giovanni Staunovo, an analyst at UBS, "Gold is fluctuating around the $5,000 per ounce mark this week, with reduced market activity due to ongoing holidays." U.S. financial markets were closed in observance of Presidents Day, while China and several other Asian countries also observed market holidays.
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