Gold slips after Monday rally as oil retreats, dollar bounces

Reuters/Jan Harvey/11-07-17

Gold fell on Tuesday as investors locked in gains from the metal’s biggest one-day rally in six weeks, posted after a string of high-profile arrests in Saudi Arabia sent oil to a 2-1/2 year high, and the dollar and U.S. Treasury yields sank.

The metal rallied in New York trading on Monday to end the day up nearly 1 percent, erasing losses made in earlier trading and throughout the previous session.

The Saudi-led jump in the oil price, a drop in the U.S. dollar and jitters linked to U.S. President Donald Trump’s trip to the Far East all conspired to push gold prices higher, MKS’ head of trading Afshin Nabavi said.

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