Gold Futures Slide as Investors Drop Safe-Haven Assets
By
Joseph Hoppe, Dow Jones Newswires
Gold futures slumped on easing safe-haven demand and investor positioning ahead of key U.S. inflation data.
Futures were down 1.3% at $3,145.80 a troy ounce, its lowest level since April 10. The precious metal's appeal was dented by Monday's U.S.-China deal when both countries agreed to significantly reduce tariffs, sparking a risk-on mood in markets.
President Trump has also said Iran is close to agreeing to a nuclear deal, further weakening demand. Market focus now turns to U.S. Producer Price Index data, which will provide further clues as to the Federal Reserve's monetary policy outlook.
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