Gold falls off $1,300/oz perch on stronger dollar, stocks

Gold falls off $1,300/oz perch on stronger dollar, stocks

Gold edged lower on Tuesday as appetite for risk improved after the European Commission agreed additional assurances in an updated Brexit deal, while stronger than expected USA data eased some fears about an economic slowdown.

Gold bars at the Austrian Gold and Silver Separating Plant "Oegussa" in Vienna, Austria, March 18, 2016.

United States gold futures also dipped 0.4 percent, to $1,304.10 an ounce.

"It is a combination of factors that have weighed on gold; weak Chinese data that is weighing on industrial demand for the metal, risk-on sentiment, rebounding yields, a higher dollar and stronger United Kingdom stocks", said Forex.com analyst Fawad Razaqzada.

Spot gold was up 0.2% at $1,296.08 an ounce as of 4.03am GMT, while USA gold futures rose 0.4% to $1,295.90 an ounce.

Britain's parliament was due to vote later in the day on whether to delay Brexit beyond March 29.

Asian shares rose after the European Commission agreed to changes to the Brexit deal ahead of a vote in the British parliament on a divorce agreement.

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"Participants on the gold market appear jaded by the Brexit issue and fed up with the whole business", Commerzbank analysts said in a note.

The U.S. currency also found support from fresh concerns surrounding trade relations between the world's two biggest economies.

The dollar has been the preferred refuge for investors concerned by the heightened trade tensions since past year, in turn denting appeal for gold.

"We have seen that play out again now", Cooper added.

The weak United States inflation data suggests that policy makers may hold back from additional rate increase, ANZ analysts said in a research note.

Modest inflation figures reinforced views that the Fed would be patient on future interest rate hikes, going into the central bank's meeting next week. Moreover, we expect the 10 year U.S. Treasury yield and 10-year real yields to decline slightly. "This should support gold prices", analysts at ABN Amro said in a note.

Among other precious metals, palladium was up 0.2% at 1,539.62 an ounce. Silver advanced 0.5pc to $15.40 per ounce, having touched its highest since March 1 earlier in the session.

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