Gold falls to 1-week lows around USD 1180

FXStreet (Mumbai) - Gold prices on Comex remained in red in the European morning, pressured by a stronger greenback as well as speculation over the timing of the Federal Reserve rate lift-off following recent upbeat macro releases in the US.

Gold eyes 20-DMA

Currently, gold trades lower by -0.43% at 1180.40 levels, extending losses for the third day in a row as the US dollar remains heavily bid against its major peers as yesterday’s above estimates US economic releases boosted the US dollar.

Meanwhile, the US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades higher by 0.30% at 98.60 levels, making gold more expensive in other currencies and so less attractive for foreign investors.

While hholdings of the fund stood unchanged at 737.24 tonnes on Monday, the lowest since January. Traders will be eyeing the release of US consumer confidence numbers for further impact on the gold prices.

Gold Technical Levels

The metal has an immediate resistance at 1185 and 1191 levels. Meanwhile, support stands at 1179 levels below which doors could open for 1174 levels.