Gold under pressure below $1250 despite USD sell-off

After touching its daily high at $1253, the XAU/USD pair started to erase its gains and fell below the $1250 handle in the NA session despite the greenback weakness. The pair is now trading at $1246.60, still up 0.15% on the day.

The greenback is being sold off aggressively on Tuesday, pushing the US Dollar Index to its lowest level since the election day in November at 96.22. As of writing, the index is trading at 96.35, down 0.77% on the day. On the other hand, major equity indexes in the U.S. struggle to gain traction with the Dow Jones Industrial Average staying flat on the day and the S&P 500 losing 0.15%, suggesting that investors are staying away from riskier assets.

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