Gold futures slump as investors take profits ahead of U.S. economic data releases. Futures are down 1.5% at $2,673 a troy ounce. After a rally of 5.4% the week prior, Monday's session saw consistent and unrelenting selling in Asian trading, says Pepperstone's Chris Weston.
The selloff is more likely a position adjustment rather than cooling save-haven demand, Weston says in a note. Some investors are likely ending long gold bets ahead of a U.S. consumer confidence report on Tuesday that could get a larger-than-expected bump from President-elect Donald Trump, Weston says.
There is also the additional risk of a hotter U.S. core Personal Consumption Expenditure print on Wednesday, which would reduce the likelihood of a December interest rate cut, Weston adds. Higher interest rates typically damp non-interest bearing gold's appeal.
Source : Dow Jones Newswires
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