Gold futures retreat as U.S. dollar strengthens, traders take profits

Gold prices retreated on Monday, but held above $2,000 per ounce amid a bout of what one precious-metals strategist described as “routine profit taking.” Gold futures for June delivery fell by $10.20, or 0.5%, to $2,016 per ounce on Comex. A stronger U.S. dollar also weighed on the yellow metal.The ICE U.S. Dollar Index, a measure of the buck’s strength against a basket of rivals, rose 0.3% to 102.4. Gold prices rose last week for the sixth week in a row. But prices started off lower as global markets were caught in a post-Easter lull, with much of Europe still out. “Technically, the gold futures bulls have the solid overall near-term technical advantage,” said Jim Wyckoff, senior analyst at Kitco.com.

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