Gold Prices Dip Below $1,900 as Dollar Surges

The spot price of gold fell below the key $1,900 level on Wednesday as the dollar strengthened, putting pressure on the yellow metal. Gold futures on New York’s Comex settled at $1,928.30 per ounce, down 0.4% on the day. Spot gold, which is more closely followed than futures by some gold traders, was also below $1,900 in Wednesday’s late afternoon trade, standing at $1,894.49. The strengthening dollar and concerns about inflation and interest rates weighed on gold prices.