By MarketWatch
NEW YORK (MarketWatch) -- Gold futures edged down Wednesday from the prior session’s record closing high atop $1,270 an ounce, with the commodity in recent days moving inversely to U.S. dollar.
“After its longest run of positive correlation with the dollar index since midsummer 1991, the gold price in dollars began moving in the opposite direction to the currency’s forex value on Friday,” said Adrian Ash, analyst at the BullionVault.com, in a research note.
“History says to expect further dollar-led gold action ahead,” Ash wrote.
Gold for December delivery was lately off $2.90 at $1,268.80 an ounce in electronic trading on the New York Mercantile Exchange. The contract on Tuesday finished at a record $1,271.70 an ounce.
The dollar index (DXY 81.68, +0.60, +0.74%) was up 0.7% at 81.622.
The dollar gained on the yen following foreign-exchange intervention by Japanese authorities. See more on movements in the dollar against the yen and other major global currencies.
