Tuesday, 25 August 2015

MCX TIPS --Gold holds below 7-week high as dollar, equities recover

Gold hovered below a seven-week high on Tuesday as equity markets and the US dollar rebounded from a brutal selloff in the prior session that was fuelled by fears over the fate of the Chinese economy. 

After Monday's rout, most Asian stocks recovered in tandem with US futures and Chinese shares pared losses. 

The dollar rose 0.6 percent versus a basket of currencies after falling the most since 2011.

 "If that remains the case over the course of this session then buying interest in gold could dry up," said Michael McCarthy, chief market strategist at CMC Markets in Sydney.

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