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Gold goes down In Asia ahead of India demand cues
On Thursday, gold tumbled in Asia, with demand cues sought from the approaching festival season in India, which might provoke a spurt in buying.
December delivery gold futures tumbled 0.14% trading $1,326.10 a troy ounce in New York.
Overnight, gold went down for a third day in a row, suppressed by a steep ascend in the greenback as traders kept fleeing safe-haven assets amid a dip in geopolitical uncertainty.
Gold prices were still on track for their longest losing streak in more than month because appetite for safe-haven investments kept fading, backing a move higher in both the greenback and treasury yields.
Dollar-denominated assets, including gold happen to be sensitive to moves in the US currency - a stronger greenback makes gold less affordable for holders of foreign currency, therefore reducing demand.
Some experts viewed gold’s recent decline as transitory and stressed that lower prices would attract traders, backing a revival in the key precious commodity.
Australian Private Capital Expenditure will be out on Thursday at 2:30 MT time!
Oil jumped to March high, stocks are heading to record highs, while the US dollar is on the back foot.
News geeks get ready for the chain of US reports, which starts at 15:30 MT time on November 25!