Gold dips as falling dollar fails to offset Asian selling

Gold dipped on Tuesday as a weaker dollar only partially offset a price retreat seen in Asian trading hours, after a failure to overcome chart resistance prompted speculative selling after a four-day rally. 

 

Confidence in the metal was also dampened by a third day of outflows from gold-backed exchange-traded funds, with holdings of the largest, SPDR Gold Shares, falling another 3.8 tonnes on Monday. 

 

Spot gold was down 0.1 % at $1,231.67 an ounce at 1030 GMT, having dropped $8 an ounce in less than an hour after it touched session highs overnight at $1,235.26. 

 

U.S. gold futures for April delivery were down $2.60 at $1,231.40. 

Gold rallied in the wake of last Wednesday's less hawkish than expected Fed policy statement, which dampened speculation that the U.S. central bank would raise interest rates quickly this year.

For read more click here:www.marketmagnify.com or give just give a Missed call @7879-881-122.