Welcome to Tuesday!
Gold dives in Asia on stronger greenback and poor China demand
On Tuesday, gold sank in Asia because overnight greenback revenues extended into the region, thus making the dollar-denominated commodity less affordable, and with dismal demand as China markets are unavailable for a week-long holiday.
December delivery gold futures lost 0.21% in New York trading at $1,273.15 a troy ounce.
In Asia, the dollar index went up 0.22% reaching 93.69.
Overnight, gold slid to seven week minimums amid a sag in safe-haven demand after manufacturing data topped hopes pushing yields as well as the US currency to session maximums.
This week the number one precious commodity contributed to losses from last week because market participants kept unwinding their bullish bets on gold after positive manufacturing reports pointed to underlying strength in the American economy.
Net bullish bets on gold went down to 212,600, as the Commodity Futures Trading Commission reported on Friday.
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…
On Tuesday, gold rallied because uncertainty over the latest developments in Britain’s departure from the EU backed safe haven demand and traders looked ahead for American inflation data to underpin the Fed’s pledge to remain on hold…