The emboldened U.S. dollar on Monday tugged down gold futures on Monday as the yellowish metal's five consecutive trade sessions of losses is its worst bearish trend since May, according to Bloomberg.
The world's reserve currency advanced as high as 0.4 percent against the shared currency of the European Union, prompting bullion to dive. The dollar and the precious metal typically perform the inverse of one-another. Thus far this year, gold is down roughly 22 percent while the dollar has surged 4.3 percent against its top counterparts.
"The dollar's strength against the euro is pushing gold lower," vice president David Lee with Heraeus Precious Metals Management in New York told the news outlet on Monday. "Some investors are on the sidelines as they want some clarity from the Fed."
At 12:11 p.m. on Monday, gold futures dropped 0.94 percent, a $12.28 loss to $1,299.75 per troy ounce.
Reuters reports the precious metal also endured losses as a result of the British business sector demonstrating improvement, which cut down on gold's allure as an asset haven. Losses for the precious metal amounted to roughly 2 percent last week.
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