Analysts blamed weak data out of India and China for the weakness in the yellow metal.
Gold prices extended their move lower on Tuesday as the U.S. dollar continued to climb and U.S. stocks also looked set to open higher.
Price actionWhat analysts are saying A team of analysts at Commerzbank attributed the mild weakness in gold prices Tuesday morning to data showing relatively weak demand in China and India. “As... Gold prices extended their move lower on Tuesday as the U.S. dollar continued to climb and U.S. stocks also looked set to open higher.
Price action What analysts are saying A team of analysts at Commerzbank attributed the mild weakness in gold prices Tuesday morning to data showing relatively weak demand in China and India. “As the Swiss Federal Customs Administration has reported today, Switzerland exported a good 105 tons of gold in May. Less than half of this total went to China and India. At 10 tons, gold exports to China were the lowest in 14 months. This may well be related to the coronavirus lockdowns that had severely restricted public life,” the team wrote in a note to clients.
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