Gold settles lower Monday as U.S. dollar regains some steam in early Christmas week trade

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Gold prices finish modestly lower Monday, knocked down as the dollar staged a mini-rebound amid growing concerns about a possible variant of the novel strain of coronavirus that causes COVID-19. Worries about increased lockdown procedures in London and parts of Europe drove investors to the perceived safety of dollars and compelled some traders to momentarily sell some of their bullion holdings, experts said. Gold for February delivery closed off $6.10, or 0.3%, to settle at $1,882.80 an ounce, The dollar, meanwhile, traded up 0.2% and was up around 0.7% earlier Monday, as gauged by the ICE U.S. Dollar Index . The buck has been under pressure for much of the year, trading around its lowest since 2018. Focus on the viral outbreak momentarily overshadowed Congress over the weekend greenlighting a fresh $900 billion coronavirus aid package to help workers and businesses hurt by the pandemic, a move that was expected to provide a lift for precious metals because it suggests some devaluing of dollars.
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