MarketWatch reports the index slipped from 75.441 to 75.22 on Tuesday eve, which drove gold futures beyond $$1,490 per troy ounce. Gold futures and the U.S. dollar typically perform the inverse of one-another.
"The recent dollar strength seems to have just come to an end for now," Capital Spreads chief Simon Denham told MarketWatch. "Dollar bears will be thinking this could be a good opportunity to get short the dollar again, particularly if the debt ceiling issues start to boil over."
At 8:24 a.m. on Wednesday, gold futures rose 0.82 percent, a $12.20 lift to $1,492.20 per troy ounce.
One analyst took note of the precious metal's ability to notch a level it was unable to get beyond on Tuesday.
"The demand for physical is rather interesting again," MKS Finance trading head Afshin Nabavi told Reuters. "Gold could not break $1,470 yesterday, and so a bit of short covering overnight, as well as this demand, has taken us higher."
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