Gold slipped below the psychologically important $1,100 marker on Tuesday as global markets keep obsessing over a weakening Chinese economy, but strong hiring numbers in the US bolstered the dollar. Futures for gold fell…
Gold slipped below the psychologically important $1,100 marker on Tuesday as global markets keep obsessing over a weakening Chinese economy, but strong hiring numbers in the US bolstered the dollar.
Futures for gold fell 0.22% to change hands at $1,090.50 per troy ounce.
Most Asian stocks traded broadly higher on Tuesday, with the exception of Japan, as concerns over China collapsed. Chinese officials tried to calm the situation down by explaining that the Yuan is not a one-way bet and that policymakers will fight to keep the currency stable.
The dollar index rose 0.4%, which helps to explain some of the weakness in bullion, as the two assets are usually inversely correlated - a stronger greenback makes gold appear more expensive for buyers who use different currencies.
Higher interest rates in the US would also increase the pressure on bullion, making other similarly-safe investments.
To the down side, support levels are seen at $1087, $1082 and $1076 levels.
Initial resistance levels are seen at $ 1097, $1102 and $1112 levels.
Gold prices edged lower on Monday as stronger-than-expected U.S. nonfarm payrolls data dampened hopes for aggressive Federal Reserve rate cuts, bolstering the dollar. Spot gold slipped 0.1% to $2,686.32 an ounce, while F…
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