Gold on track for fifth session loss as dollar flexes muscles

February 7, 2019

Gold futures headed lower Thursday, on track to suffer a fifth consecutive loss as the U.S. dollar continued a string of gains.

Gold for April delivery GCJ9, +0.02% fell $1, or 0.1%, to $1,313.40 an ounce, with prices trading down by 0.6% week to date. The contract was poised for its lowest settlement in just over a week. March SIH9, +0.06% was off 3.1 cents, or 0.2%, to $15.67 an ounce.

The dollar, after a weaker start to the year, found its footing this week, with the ICE U.S. Dollar DXY, +0.03% a measure of the currency against a basket of six major rivals, is up 0.9% this week, turning positive for 2019. A stronger dollar can be a weight on commodities priced in the U.S. unit, making them more expensive to users of other currencies.

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