Gold Futures Drifting Lower As Dollar Stays Firm

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Gold prices are drifting lower Wednesday morning as the dollar extends its uptick, and U.S. stocks look set to rebound from recent heavy losses.

European stocks are broadly higher, due largely to bargain hunting after recent declines. Meanwhile, markets are looking ahead to European Central Bank’s monetary policy announcement, due on Thursday.

Gold futures for December are down $13.40 or 0.7% at $1,929.80 an ounce, coming off a high of $1,941.70 an ounce.

Silver futures for December are down $0.316 or 1.17% at $26.675 an ounce, while Copper futures are lower by $0.0065 or 0.22% at $3.0060 per pound.

Gold futures had moved higher on Tuesday on safe-haven appeal after global equities tumbled, hurt by another round of selling in U.S. technology stocks.

Rising tensions between the U.S. and China and surging coronavirus cases in several parts of Europe and in India raised concerns about growth and prompted investors to seek the yellow metal.

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