time:2016-03-11 10:05:31 Click number:5624
Gold lost some of its touted recent gains Wednesday, as the U.S. dollar index remains strong, enticing even more profit-taking pressure from the shorter-term traders.
Spot gold was last down $8.40 at $1,254.10 an ounce in New York, having hit a three-day low earlier in the session at $1,251.83 an ounce.
Until last week, negative macroeconomic sentiment and a weaker U.S. dollar had prompted the strongest two-month rally in gold since 2011.
The yellow metal has gained 18% in value since the start of the year, boosted by market volatility and geopolitical concerns. Bullion is considered a safe haven and prices rise in times of heightened risk as investors seek a stable asset in which to store their cash.
Expectations that the European Central Bank may loosen its monetary policy further on Thursday weakened the euro against the dollar.
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