Gold futures on Monday were under selling pressure as a rollout of the experimental coronavirus cure began in the U.S. and as some uncertainty centered on another round of COVID-19 relief aid out of Congress hurt the yellow metal’s bullish thesis.
However, weakness in the dollar, off 0.5%, as measured by the ICE U.S. Dollar Index was capping downside for bullion and other precious metals priced in the U.S. unit.
Gold’s slide comes ahead of the last meeting of the Federal Reserve, which could also serve as a catalyst for commodities and financial markets broadly.
“Gold is struggling again today and broken back below $1,830 this morning where it had been seeing some support over the last week or so,” wrote Craig Erlam, senior market analyst at Oanda, in a daily note.
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