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Gold on track for fifth session loss as dollar flexes muscles

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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