Gold sags in Asia as greenback tacks on

Gold sags in Asia as greenback tacks on

On Tuesday, gold went down in Asia because market participants kept monitoring political risk in the Middle East simultaneously staying away from new buying as the greenback rebounded regionally.   

December delivery gold futures sank 0.17% being worth $1,279.44 a troy ounce. As for copper futures, they slumped 0.16% trading at $3.154 a pound.

Meanwhile, the US dollar index rallied 0.06% hitting 94.68 having dropped steeply overnight.

Overnight, the most popular precious metal traded steeply higher because political uncertainty in the Middle East powered safe-haven demand.

Gold managed to make rather a strong start to the trading week because traders piled into the precious commodity amid soaring political uncertainty in the Middle East right after Saudi Crown Prince Mohammed bin Salman dared to lead an anti-corruption drive resulting in a series of arrests of well-known Saudi Arabians.

A retreat in the evergreen buck also backed a move higher in gold because investor concerns over the leadership of the Fed surged after the Federal Reserve Bank of New York officially confirmed that William Dudley was on the way to retire earlier than previously planned.

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