Gold edged down to a 7-week low on Tuesday, as equities
and the dollar were buoyed in Asian trade by upbeat economic data and
strong U.S. treasury yields.
Spot gold was down 0.1 percent at $1,269.20 an ounce by 0337 GMT,
after earlier touching its lowest since mid-August at $1,267.76.
U.S. gold futures for December delivery shed 0.3 percent to $1,272 an ounce.
"Gold no doubt is struggling for the moment as at least three
variables are arrayed against it, namely, a stronger dollar, a higher
rate environment and possibly a reduction in tensions with North Korea
if tentative contacts revealed over the weekend amount to something,"
INTL FCStone analyst Edward Meir said in a note.
"We see gold possibly getting to a low of $1,245 before running into some credible support."
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