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Gold futures finish sharply lower on strong dollar

18 Jan 2024 Evaluate

Gold futures finished sharply lower on Wednesday, marking fourth decline in five sessions pressured by stronger dollar. Moreover, tempered interest rate cut hopes after robust US retail sales data and hawkish remarks from Fed officials.

Gold futures for February delivery tumbled by $23.70 or 1.16% to $2006.50 per ounce on the Comex division of the New York Mercantile. Spot gold down by $4.36 points or 0.21% to $2,024.08 ounce.