Gold futures are flat at $3,298.90 a troy ounce on a stronger U.S. dollar and signs of easing U.S.-China tensions. Gold prices slid on Friday after briefly breaching $3,500/oz earlier in the week.
The most interesting point for markets is that buying demand from Asia appears to have dried up, at least for the time being, Pepperstone's Michael Brown says in a note.
This could suggest more downside pressure in the near-term, which could be further exacerbated by some investors with weaker long positions bailing out the incredibly crowded gold trade, Brown writes. Given intense market uncertainty and volatility elsewhere, gold still looks like the best safe-haven bet on offer, he adds.
Source: Marketwatch
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