Gold Steady at $1169 after Sharp Falls

Spot gold rose on Tuesday, snapping a four-session losing streak, boosted by a drop in the dollar index and expectations of Asian physical demand following bullion’s tumble to a four-year low.

The yellow metal was supported as the dollar dropped against the euro on a report citing internal tensions within the European Central Bank over the leadership style of its chief, Mario Draghi, that has the markets expecting limits on future loosening of monetary policy.

So far, bullion demand from the price-sensitive Chinese and Indian markets, the world’s biggest gold buyers, were only modest. However, gold’s drop below a key chart level of around $1,180 an ounce should trigger more interest in the near term, dealers said.

CNBC

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