Bengaluru — Gold inched down on Tuesday after investors sold bullion to lock in profits following the nearly 1% gain in the previous session on safe-haven buying on the concern over corruption arrests that targeted royal family members and ministers in Saudi Arabia. Spot gold was down 0.2% at $1,279.62/oz at 4.15am GMT. The metal jumped nearly 1% on Monday in its biggest one-day percentage gain since September 25 and also moved above its 100-day moving average then, typically seen as a bullish signal by technical traders. US gold futures for December delivery dipped 0.1% to $1,280.20/oz. "Saudi Arabia appears to have spooked global markets with the spillover from oil flowing into other markets. Gold has benefited from safe haven flows.… Asia has seen some profit-taking set in," said Jeffrey Halley, a senior market analyst with Oanda. "But we question the longevity of the rally. These tend to be short term in nature," he added. Saudi Arabia’s future king, Crown Prince Mohammed bin Sa...
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