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Gold Inches Lower As Dollar Rises On Weak Global PMI Data


Gold prices traded lower on Tuesday as the dollar strengthened ahead of key PMI data for July due out later in the day.

Spot gold dropped 0.4 percent to $1,956.84 per ounce, while U.S. gold futures were down 0.7 percent at 1,994.65.

The dollar ticked higher as weak PMI data from Asia and Europe revived worries about global growth.

China, Japan, South Korea, Taiwan and Vietnam saw manufacturing activity contracting in July, raising fresh concerns about Asia’s fragile economic recovery.

In Europe, the HCOB Eurozone Manufacturing PMI fell to 42.7 in July from 43.4 in the previous month, marking the lowest in three years.

Looking ahead, trading may be impacted by reaction to U.S. reports on manufacturing activity, construction spending and job openings later in the day.

Other key reports due this week include data on initial jobless claims, factory orders and service sector activity. The closely watched monthly jobs report is due on Friday.

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