MTECHTIPS;-Gold Prices Break 3-Day Winning Streak as China Factory

MTECHTIPS;-Gold Prices Break 3-Day Winning Streak as China Factory Growth Disappoints

MTECHTIPS-Gold prices headed lower on Tuesday, breaking a three-day winning streak, as a dip in Chinese business activity raised questions about demand prospects. On the Comex division of the New York Mercantile Exchange, gold for December delivery inched down $1.22, or about 0.10%, to $1.276.48 a troy ounce by 5:56 AM ET (9:56 GMT). China reported the official manufacturing PMI for October at 51.6, compared with a level of 52 expected, while its non-manufacturing survey dropped to 54.3 from 55.4 in the previous month, also showing weaker activity in the world’s second largest economy. The U.S. dollar also put downward pressure on gold prices Tuesday as the greenback recovered from losses sustained from reports a day earlier that Federal investigators charged Trump’s former campaign manager, Paul Frankfort, and another aide, Rick Gates, with money laundering. A third former Trump adviser, George Pompadours, pleaded guilty in early October to lying to the FBI, it was also announced on Monday. Gold prices are sensitive to moves in the dollar as a stronger greenback makes the precious metal more expensive for holders of foreign currency. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, regained 0.14% at 94.51, by 5:57 AM ET (9:57 GMT) Tuesday

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