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Gold Prices Dip on Stronger Dollar and Low Oil Prices

The Wall Street Journal reported that gold prices fell Wednesday on the back of a stronger US dollar and weaker oil prices.

As quoted in the publication:

Gold for February delivery, the most actively traded contract, was recently down 0.8% at $1,059.60 a troy ounce on the Comex division of the New York Mercantile Exchange.

The Wall Street Journal Dollar Index, which gauges the buck against a basket of 16 currencies, was recently up 0.2% at 90.10. A stronger dollar tends to weigh on gold, which is priced in the U.S. currency and becomes more expensive to foreign buyers when the dollar rises.

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