Gold Drops Below $4,900 in Thin Holiday Trading as Dollar Rises
One-kilogram gold bars arranged at the Perth Mint Refinery in Perth, Australia.
Photographer: Matt Jelonek/BloombergGold fell below $4,900 an ounce as the dollar advanced amid thin holiday trading, with much of Asia closed for the Lunar New Year. Silver also retreated.
The dollar rose as much as 0.4% before easing to trade little changed — after closing higher Monday — as traders kept an eye on potential tensions in the Middle East and growing risk-off sentiment across equity markets. A stronger greenback makes precious metals more expensive for most buyers.