EDR:CC - Gold extends losses to fresh three-month low as dollar keeps climbing
Gold and other precious metals plunged on Thursday, as roaring inflation lifted the ICE Dollar Index near 20-year highs. June Comex gold (XAUUSD:CUR) closed -1.6% at $1,824.60/oz, the lowest settlement value since February 7, according to Dow Jones Market Data. "The dollar has firmly put gold in the danger zone and a break of the $1,800 level could lead to further technical selling," Oanda's Edward Moya said, adding that gold "can't attract any attention until this move in the dollar ends." Earlier concerns about persistently high inflation have given way into fears about potentially slowing global growth, which has investors flocking to the dollar for safety, Moya said - "That makes it an easy dollar trade, which is kryptonite for gold." ETFs: (NYSEARCA:GLD), (NYSEARCA:GDX), (IAU), (NUGT), (PHYS), (SIL), (SIVR), (PALL), (SPPP), (PPLT), (PLTM), (PGM) Meanwhile, "silver is falling faster than gold, a bearish sign for the whole complex," analyst Ross Norman
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Gold extends losses to fresh three-month low as dollar keeps climbing