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Gold’s relief rally fizzles as dollar firms on recession risks.
Gold prices retreated on Thursday as the U.S. dollar firmed on concerns that rising interest rates would spark a global recession, making greenback-priced bullion more expensive for overseas buyers.
FUNDAMENTALS
* Spot gold was down 0.2% at $1,656.59 per ounce, as of 0142 GMT. In the previous session, bullion rose as much as 2%.
* U.S. gold futures dipped 0.2% to $1,667.10.
* The dollar index was up 0.2%, although the unit retreated from a two-decade peak overnight as the sterling rallied following the Bank of England’s purchase of UK government bonds to restore financial stability in markets.
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