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Homefutures and commoditiesGold dips after Monday rally as dollar strengthens

Gold dips after Monday rally as dollar strengthens

  • Gold retreats after biggest 1-day rally in 6 weeks

Stockbyte

Gold prices fell 0.5 percent on Tuesday, retreating a bit from the previous day's rally as a stronger U.S. dollar reduced the appeal of safe-haven investments, and oil prices also dipped.

On Monday, bullion rose as much as 1 percent for its biggest daily rise in six weeks, after news of a string of high-profile arrests in Saudi Arabia boosted oil to a 2-1/2-year high. Tuesday's retreat from that rally stayed within a $20 range, noted Bill ONeill, partner at Logic Advisors in Upper Saddle River, New Jersey.

"Gold stuck within the $1,260-$1,280 range," he said. "The overall atmosphere for gold right now is not particularly positive. The safe-haven demand just isn't there."

Spot gold was down 0.5 percent at $1,275.30 an ounce.

U.S. gold futures for December delivery settled down 0.5 percent at $1,275.80 per ounce.

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