Gold retreats from near four-week peak as dollar ticks up
Ammon News - Gold prices fell on Tuesday, retreating from near a four-week high, as a modest rise in the dollar weighed on the metal, although uncertainty over the U.S.-China trade agreement kept investors cautious and limited the bullion's decline.
Spot gold fell 0.5% to $3,362.57 an ounce, as of 0429 GMT, after hitting its highest level since May 8 earlier in the session. U.S. gold futures were down 0.3% to $3,386.60.
The metal gained about 2.7% in the previous session, marking its strongest daily performance in more than three weeks.
"Dollar recovered slightly and gold came down so it has been inversely correlated at this point of time," said Brian Lan, managing director at GoldSilver Central, Singapore.
The U.S. dollar index recovered slightly from a six-week low.
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