Gold slides in Asia on diving India’s physical support

Gold slides in Asia on diving India’s physical support

On Friday, gold slumped in Asia. It’s because support from physical demand during the festive season in India didn’t manage to back market sentiment.

December delivery gold futures dived 0.31% in New York being worth $1.286.01 a troy ounce.

Market participants will also monitor the upcoming election in Japan.

Overnight, gold edged up because a jump in political uncertainty in Spain put pressure on risk sentiment. Meanwhile, everlasting dollar weakness contributed to upside momentum in the number one precious commodity.

Also backing demand for gold was a dive in the evergreen buck amid a decline in treasury yields notwithstanding data indicating underlying strength in the American economy.

On Thursday, the Philadelphia Fed told that in September its manufacturing index inched up to 27.9, from 23.8, thus confounding experts’ forecast of an outcome of 22.

On Thursday, the US Department of Labor informed that initial jobless claims slumped 22,000 to a seasonally adjusted 222,000 by October 13.

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