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Gold declines on strong US data

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Gold prices fell into losses after the release of a back-to-back better than expected data in the US.

Gold prices came under pressure as the US dollar made a comeback on strong economic data. The initial trigger came in the form of a rebound in the US inflation, followed by an upbeat Markit US PMI manufacturing data and a better-than-expected US New home sales data.

The USD index now trades at 97.48, after having recovered from the low of 96.58 levels. Consequently, Gold declined from the high of USD 1195.3/Oz to trade at the current price of USD 1189.5/Oz levels.


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