Gold futures were headed lower early Tuesday as global stocks sank and as investors turned to U.S. dollars amid concerns about lofty valuations for highflying, technology-related stocks, which had led the rally in equities amid the COVID-19 pandemic.
“Gold is coming under a little pressure as the dollar wrestles the break its downtrend and moves into correction mode,” wrote Craig Erlam, senior market analyst at Oanda, in a Tuesday research note.
December gold GCZ20, -0.63% GC00, -0.60% was down $11.30, or 0.6%, at $1,923 an ounce, after finishing on Friday with a 2.1% weekly decline, according to FactSet data.
