Stronger dollar takes the shine off bullion, which has enjoyed support from higher US treasury yields as data eases the fear of a potentially rapid loss in economic momentum
Gold steadied on Tuesday, but was hovering near a five-week low touched in the previous session, as rising US treasury yields boosted the dollar.
“People are more comfortable in moving out of safe-haven assets and gold is coming under pressure from that,” said Jeffrey Halley, Senior Market Analyst at Oanda. However, a slight slip in the Asian equity market triggered by a cut in China’s economic growth target supported gold prices on Tuesday.
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