Gold is off record highs . . . but is it the sign of new downward trend?
Gold futures settled lower Tuesday to log their third losing session in a row, as pressure from a rally in the U.S. dollar outweighed support from weaker-than-expected U.S. retail sales and uncertainty over whether Greece will get a second bailout. Gold for April delivery fell $7.20, or 0.4%, to settle at $1,717.70 an ounce on the Comex division of the New York Mercantile Exchange.
It traded between a high of $1,729.90 and a low of $1,713.80. Futures prices have now tallied a three-session loss of more than $23 an ounce. “We saw gold reacting to the dollar, rallying close to flat this morning, but as the dollar has rallied we’ve seen gold sell off,” said Tom Essaye, editor of the 7:00’s Report, a daily commentary on equity and commodity markets and the economy.