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MTECHTIPS:- Gold Drifts Lower In Asia With India Demand Cues Awaited

MTECHTIPS:- Gold Drifts Lower In Asia With India Demand Cues Awaited

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MTECHTIPS-Gold prices dipped in Asia on Thursday with demand cues sought from the upcoming festival season in India with festivals such as Diwali often seeing a spurt in buying. Overnight, gold futures for December delivery on the Comex division of the New York Mercantile Exchange edged down 0.14% to $1,326.10 a troy ounce. Overnight, gold prices fell for a third day in a row, pressured by a sharp rise in the dollar as investors continued to flee safe-haven assets amid a decline in geopolitical uncertainty. Gold prices remained on track to suffer their longest losing streak in more than month as appetite for safe-haven investments continued to fade, underpinning a move higher in both the dollar and treasury yields. Dollar-denominated assets such as gold are sensitive to moves in the dollar – A stronger dollar makes gold more expensive for holders of foreign currency and thus, reduces demand

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