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Gold consolidates near 3-month lows

FXStreet (Córdoba) - Gold consolidated near 3-month lows Tuesday following sharp losses the previous day amid broad dollar strength.

Spot gold fell to its lowest since June at $1,251 Monday and closed 1.0% lower but managed to recover somewhat and steadied in a tight range over the last hours. The metal is currently trading at $1,254/oz, 0.16% below its opening price.

The US dollar strengthened across the board Monday underpinned by a research from the San Francisco Fed which noted investors are underestimating how quickly US interest rates will rise.

As for silver, the gray metal fell nearly 1.0% to a 12-week low of $18.90 and it was last at $18.95 an ounce.

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