Gold resumes losses under pressure from dollar

Gold prices fell in European trade, resuming losses after a two-day hiatus amid pressure from the stronger dollar.

The dollar rallied to a three-week high after bullish remarks by Fed officials, and after local banks reported more stringent credit standards.

Gold Prices Today

Gold prices fell 0.5% to $1,954 an ounce, with a session-high at $1,966, after rising 0.3% on Monday, the second profit in a row, moving off a two-week trough at $1,942.

Gold rose 2.3% in July,the first monthly profit in three months on speculation the Fed will end the current cycle of policy tightening soon.