Gold ended at its lowest level of the year, thus far, on Tuesday as the dollar climbed, posting its sharpest monthly loss since June 2013 and the first quarterly loss this year on expectations of further gains in the U.S. currency.
“The pressure is definitely on for gold to end the year in the red,” said Howie Lee, investment analyst at Phillip Futures.
“We see little in the way to stop gold’s downward slide, given that the Fed has made clear its intention to hike (rates) sooner than later and the Ukraine tensions have reached a fragile ceasefire,” Lee said, adding that a strong dollar will also weigh.
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