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MTECHTIPS:-Gold falls from 3-week high as dollar rises after China policy move

MTECHTIPS:-Gold falls from 3-week high as dollar rises after China policy move

Gold prices fell from the previous session’s three-week peak on Tuesday, as the U.S. dollar marched higher after China devalued its currency in a surprise move. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange shed $4.40, or 0.4%, to trade at $1,099.90 a troy ounce during European morning hours. A day earlier, gold rallied to $1,108.50, the strongest level since July 21, before ending the session at $1,104.10, up $10.00, or 0.91%. China’s central bank devalued the yuan by nearly 2% on Tuesday, allowing the currency to fall to levels last seen in 2012, in an effort to make the country’s exports more competitive and boost the economy amid lackluster growth. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.1% at 97.32 early Tuesday, coming off from lows of 97.08 struck on Monday. Traders continued to mull the timing of a Federal Reserve rate hike after Fed Governor Stanley Fischer said Monday that the central bank is concerned about low inflation and won’t start to raise rates before it sees inflation returning to more normal levels. The comments sparked uncertainty surrounding a Fed rate hike in September
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