Gold News

Gold prices edged down on Wednesday after snapping a three-session winning streak the day before, with the dollar’s firmness curbing bullion’s appeal as a currency alternative.

Gold drops slightly as the dollar firms-up and investor wait for next year

Gold prices edged down on Wednesday after snapping a three-session winning streak the day before, with the dollar’s firmness curbing bullion’s appeal as a currency alternative. Trading remained very subdued with many Japanese players out of the market for New Year holidays until Jan. 4. Market players eyed the dollar, which kept the firmer tone it has developed recently on shifting sentiment about the outlook for U.S. rates in view of improving economic data. Some traders said the correction in gold prices was about to end as dollar short-covering, which was partly responsible for the dollar’s recent rebound, was also nearly completed. Gold is trading at $1,091 as of 20:55pm, GMT, with a bullish trend. Gold