Gold Futures Slumps $10 as Global Stocks, Dollar Edge Higher

Gold Futures Slumps $10 as Global Stocks, Dollar Edge Higher

Gold futures prices declined on Tuesday after two days of losses, as the metal’s safe-haven appeal was dampened amid a recovery in global stock markets. Besides dollar edged higher against a currency basket.

Gold for February delivery on the Comex shed $8.80, or 0.8%, to trade at $1,087.40 a troy ounce.

Spot gold was at $1,094.20 an ounce.

Chinese stock markets rallied in volatile trading on Tuesday, while the yuan has stabilized for the third consecutive day.

In the meantime, European stocks rose, with the German DAX increased more than 2% as investors chose to ignore the downward trend in oil futures.

An early January rally driven by a route in global equities sold out last week after gold hit chart resistance at its 100-day moving average at $ 1.108 an ounce. Earnings have also been limited by concerns about higher interest rates in the United States.

The metal fell more than 10 percent last year, mainly on the back of expectations that the Fed’s is set to normalize interest rates. Ultra low fares, which cut the opportunity cost of keeping gold weighing on the dollar, were a key factor driving gold to record levels in 2011.

Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Shares, rose 2.1 tonnes on Monday, data from the fund showed.

At the MCX, Gold for delivery in February was trading higher by Rs 50 or 0.19% to Rs 25,920 per 10 gram on short-covering.

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