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Gold challenges 3-week lows around $1,330/oz

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April 23rd, 2018   

Prices of the ounce troy of the yellow metal are prolonging the downside at the beginning of the week around the $1,330 region.

Gold weaker on USD-buying

Bullion is retreating for the third session in a row today, flirting at the same time with fresh 3-week lows in the $1,330/20 band. The up move in spot comes rising US 10-year yields to the boundaries of the key 3.0% level.

The continuation of the buying bias around the greenback keeps fuelling the downside in the precious metal, which already shed near 3% since monthly tops around $1,365 seen earlier in the month.

In addition, easing tensions on the US-Russia-Syria front as well as news citing North Korea’s willingness to make progress on its denuclearization have been also removing support from Gold in past sessions.

Later in the session, US Existing Home Sales are due seconded by the preliminary gauge of manufacturing PMI by Markit and the Chicago Fed Index.

 - Pablo Piovano at FX Street

 

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See Also: Gold News Blog,  Gold, Copper, Silver, Platinum
Gold futures gained in New York as concern about slowing growth drove equities lower and boosted demand for the metal as an alternative investment.