Gold dives in Asia on stronger greenback and poor China demand

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.

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