Gold futures slide, under pressure from a stronger U.S. dollar and profit taking. Futures are down 2.65% at $3,231.0 a troy ounce, though they remain up 20% in the year-to-date.
Prices have now fallen nearly 7.9% since setting a fresh record high of $3,509.90/oz on April 22. Market risk appetite has grown and reduced demand for safe-haven assets amid rising hopes for President Trump's administration signing trade deals in the near-term.
China, currently the largest consumer of gold given economic concerns, has also begun the May Day holiday. This has further reduced upward pressure on gold prices for the time being.
Market attention now turns to Friday's U.S. Nonfarm Payrolls report. Weak numbers would boost optimism for Federal Reserve interest rate cuts, heightening non-interest-bearing bullion's appeal.
Source: Dow Jones Newswires
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