Gold Trades Near One-Week Low As Dollar Resumes Rebound

The yellow metal hit a low of $1164.43 an ounce, while it currently trading at $1166.66, where it opened at $1166.84. Gold slipped 0.8 percent on Wednesday, the biggest fall since September 30, amid uncertainty about the timing of the Fed’s liftoff. The dollar soared against a basket of major currencies, hovering around 95.16, according to the dollar index, where it resumed its rebound since hitting a low of 93.82. Recently, the inverse relation between the dollar and gold has strengthened, which means the upcoming movements for the metal would largely depend on the dollar.