Gold falls 1% to its lowest level in 2019 with the rally of stocks and the dollar

Gold fell 1 percent on Tuesday to its lowest level this year as a strong economic data boost boosted demand for high-risk assets such as equities, while US dollar gains also weighed on the precious metal.

By 1419 GMT, the spot price of gold was down more than 1 percent to $ 1274.41 an ounce, having earlier dropped to its lowest level since Dec. 27 at $ 1272.87.

US gold futures lost more than 1 percent to $ 1277.30.

"We are likely to see more pressure on gold in the next couple of days, especially with corporate results that will keep the stock market strong," said Bob Haberkorn, chief market strategist at RJO Futures. "Gold is also under pressure from strong Chinese data and job reports A better-than-expected US dollar last week.

On other precious metals, silver fell 0.4 percent to $ 14.94 an ounce, after hitting $ 14.81, its lowest price since December 26, in the previous session.

Platinum fell 0.6 percent on spot trade to $ 879.70 an ounce, while palladium rose alone, rising 0.1 percent to $ 1,362.55 an ounce.

Standard Chartered said a steady shortage of self-stimulating metal supplies, raising prices to a record $ 1620.53 last month, is likely to deepen further this year and in 2020.

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