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MTECHTIPS;-Gold to trade negative

MTECHTIPS;-Gold to trade negative

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MTECHTIPS-Gold fell nearly 1 percent, down for a second day on Tuesday after better – than – expected U.S. economic data and easing tensions over North Korea encouraged investors to buy riskier assets, boosting stocks, the U.S. dollar and bond yields. Gold, seen as a safe haven in times of uncertainty, rose to a two – month high of $1,291.86 on Friday after a week of escalating military threats between Washington and Pyongyang. But fears of conflict eased when North Korean leader Kim Jong Un on Tuesday signalled he would delay a decision on firing missiles towards Guam, a U.S. territory in the Pacific. Gold’s fall accelerated after strong U.S. retail sales in July and strength in an index of business conditions in New York state suggested strong economic growth. A strong dollar is negative for gold prices because it makes dollar – priced gold costlier for holders of other currencies, while higher bond yields raise the opportunity cost of holding non – yielding bullion. Also weighing on gold was the prospect of another increase in U.S. interest rates after an influential Federal Reserve official said on Monday he expected one more rise this year

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