Gold rallies in Asia ahead of American holiday

Gold rallies in Asia ahead of American holiday

On Tuesday, gold rallied in Asia before a public holiday in America with thin trading expected.

In New York, August delivery gold futures went up 0.41%, trading at $1224.18 a troy ounce.

Overnight, the primary precious metal dipped, suppressed by a steep uptick in American bond yields in the wake of positive manufacturing activity hinting that American economic surge remained sturdy.

Gold is braced for making a negative start to the month because better than expected manufacturing data driven American rate lift hopes, backing a move higher in American bond yields, thus lessening demand for this non-interest bearing precious metal.

According to the Institute for Supply Management, the previous month manufacturing index inched up to 57.8 from 54.9 in May. It currently keeps to its highest value since August 2014.

The positive manufacturing data raised American 10-Year yields to a two-month peak of 2.353, thus backing a soar in the American currency versus its counterparts and adding further pressure on gold.

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