Gold goes down In Asia ahead of India demand cues

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.

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