Gold Price Loses Altitude as U.S. Dollar Index Surges

London (Oct 23)  Gold prices are now holding just slight gains in mid-morning trading Friday. The yellow metal has come down from its early-morning highs that were scored in the immediate aftermath of a surprise interest rates cut by China. The resurgent U.S. dollar index late this week, which on Friday hit a two-month high, is prompting some selling interest in gold.

The competing asset class, world stock markets, are also in rally mode late this week, which is also a bearish outside force working against safe-haven gold. December Comex gold futures were last up $1.40 an ounce at $1,167.40.

Spot silver price also fell 33 cents to $15.75 from the morning high, while platinum and palladium were also lower.  See charts

 https://www.gold-eagle.com/rate/price-of-gold/

Source: KitcoNews