Gold futures, on Wednesday, January 25, dipped as investors turned their attention to a rise in U.S. equities, with the Dow Jones Industrial Average crossing the key 20,000 level for the first time.
Gold fell even as the U.S. dollar weakened, bucking their typically inverse relationship as U.S. stocks traded broadly higher.
Gold for February delivery GCG7, -1.05% fell $14.40, or 1.2%, to $1,196.40 an ounce, with the contract poised to settle at a nearly two-week low. Gold has faded after settling Monday at $1,215.60—its highest finish since Nov. 17, according to FactSet data. March silver SIH7, -1.51% fell 29 cents, or 1.7%, at $16.895 an ounce.
Gold prices have posted gains in each of the past four weeks following statements from Trump, and partially contradictory follow-ups from his cabinet nominees, about the relative strength of the dollar.
Gold had also gained in step with currency volatility as Trump removed the U.S. from the Trans-Pacific Partnership and looks to renegotiate the North American Free Trade Agreement.
ICE U.S. Dollar Index DXY, -0.17% is “testing a critical technical level at 100,” said Fawad Razaqzada, technical analyst at Forex.com. The index on Wednesday was down 0.2% at 100.14.
Elsewhere in metals trading, copper prices held ground near a 19-month high amid the threat of strike action at the world’s largest copper mine, in Chile. March copper HGH7, +0.07% tacked on less than a penny, or 0.2%, to $2.715 a pound.
April platinum PLJ7, -2.16% fell $24.20, or 2.4%, to $983.60 an ounce, while March PAH7, -6.03% lost $37.15, or 4.7%, to $758.70 an ounce.
Among the exchange-traded funds, the SPDR Gold Trust GLD, -0.87% was down 1%, while the iShares Silver Trust SLV, -1.03% declined by 1.2%. The VanEck Vectors Gold Miners ETF GDX, -2.22% fell 1.9%.
