Gold dragged lower as dollar rebounds

Gold turned back south and hit fresh daily lows as the dollar staged a strong comeback during the American session, dragging the metal down.

Spot retreated from a daily high of $1,289 an ounce all the way towards $1,271/oz before finding support. XAU/USD was last at $1,280 an ounce, still 0.47% down on the day.

Nevertheless, the yellow metal is about 20% higher this year as expectations of a Fed rate hike have been delayed amid global growth concerns.