Gold slides in Asia as regional data backs surge views

Gold slides in Asia as regional data backs surge views

On Thursday, gold went down in Asia, with a bunch of regional data backing market sentiment as well as a focus shifting to the expected battle just to get a tax cut passed in America, which would likely have a knock-on effect on the Fed’s policy if successful.

December delivery gold futures sank 0.52% in New York being worth $1,307.27 a troy ounce.

In Japan, July’s provisional industrial output data declined 0.8%, which is more than a 0.5% sag expected.

In China, the official manufacturing Purchasing Managers' Index hit 51.7 in August, surpassing hopes, as data published on Thursday demonstrated.

Overnight, gold declined from an eleventh-month maximum, reacting to a rebound in the greenback, after a couple of better-than-expected reports on private job creation as well as economic surge raised hopes of a rate lift later in 2017.

August’s ADP employment data estimated private-sector payrolls grew by 237,000 versus consensus estimates of about 185,000.

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Gold fell below $1,700

Gold (XAU/USD) is declining for the second day in a row. The reason of such a dynamic is that investors have turned to stocks.

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