London — Gold fell on Tuesday as investors locked in gains from the metal’s biggest one-day rally in six weeks, posted after a string of high-profile arrests in Saudi Arabia sent oil to a two-and-a-half year high, and the dollar and US treasury yields sank. Spot gold was down 0.4% at $1,276.81 an ounce at 10.50am GMT, while US gold futures for December delivery were $4.30 an ounce lower at $1,277.30. The metal rallied sharply in New York trading on Monday to end the day up nearly 1%, erasing losses made in earlier trading and throughout the previous session. The Saudi-led jump in the oil price, a drop in the dollar and jitters linked to US President Donald Trump’s trip to Asia all conspired to push gold prices higher, MKS’s head of trading Afshin Nabavi said. However, it was struggling to maintain those gains, he added, and stuck broadly within the $20 range of the past two weeks. "It is only going with oil and the dollar," he said. "The gold is not providing any reason to be bought...
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