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As of 4:46 PM EDT, the most active June contract of gold futures is fixed at $2360.70 down $30.40, or -1.27%%. Gold futures also traded to a high of $2448.80 today, their highest level in history.
Concurrently, the dollar has been exceedingly strong since Wednesday, April 10. The dollar index opened just above 104 on Wednesday and after factoring in today’s gains of 0.69% the dollar index is currently fixed at 106.075. Overall, the dollar has been moving higher since the low of 102.35 which occurred on Friday, March 11.
Although gold futures declined today, there are still strong geopolitical concerns. Fears of Iran retaliating in response to an Israeli attack on its Syrian Embassy this month are at the forefront of these concerns. The attack on Iran’s embassy killed senior members of the country’s military. It was reported that the United States has issued a warning for travel to Israel, fearing an imminent large-scale attack on the country.
These factors are still very much on the minds of market participants. This means that today’s selloff was a signal that gold prices had moved up too much too quickly, and were likely predicated on profit-taking by shorter-term traders.
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