Gold tacks on in Asia on weaker greenback

Gold tacks on in Asia on weaker greenback

On Tuesday, gold jumped in Asia, with a weaker greenback driving buying sentiment.

December delivery gold futures rallied 0.27% in New York being worth $1,284.36 a troy ounce.

Overnight, the number one precious metal was roughly intact because a rising greenback kept weighing on upside momentum in gold.

During a quiet trading day for top-tier economic data, the precious metal was suppressed on signs that market sentiment on the greenback is turning upbeat after data demonstrated market participants kept unwinding their bearish bets on the US currency.

Traders pared net bearish bets on the American currency to their lowest value in more than a month, as Commodity Futures Trading Commission data unveiled on Friday.

Gold has struggled to pare losses diving below a major price level of $1300 amid indications of progress on tax reform as well as soaring expectations that the US major financial institution will raise rates later in 2017.

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