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.

 

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