The Dollar Spot Index, a Bloomberg metric that tracks the value of the U.S. dollar against 10 competing currencies, notched its top value since the end of last month early during the Thursday trade session. The precious metal and the world's reserve currency typically perform the inverse of one another.
"As far as gold is concerned, in the short term, much will depend on the U.S. non-farm payrolls report this Friday," states a Thursday report authored by analyst Andrey Kryuchenkov with VTB Capital in London , according to Bloomberg. "Gold safe-haven buying continues to lose its appeal. A stronger dollar will likely continue to impede any price rebound from here."
At 9:24 a.m. on Thursday, gold futures edged down 0.38 percent, a $4.90 loss to $1,285 per troy ounce.
Reuters reports the finance ministry of India, the globe's second-biggest importer of the yellowish metal, is considering the possibility of easing import duties on bullion.
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