Bengaluru — Gold inched down on Tuesday from a two-week high hit in the previous session, as the dollar firmed against yuan, making the precious metal expensive for buyers in the world’s biggest consumer, China. China’s central bank raised its daily guidance rate for the yuan by the most in nearly 15 months on Tuesday, sparking a demand for dollars. Spot gold fell 0.2% to $1,209.04/oz at 3.58am GMT, after hitting its highest since August 13 at $1,212.38 on Monday. US gold futures were down 0.1% at $1,215.40/oz. "The downtrend on the dollar has reversed, with markets probably concerned over the [currency] fixing in China. The market is still a little bit nervous overall when it comes to buying into the weaker US dollar narrative," said Stephen Innes, Asia-Pacific trading head at Oanda in Singapore. The dollar index inched up 0.1% against a basket of six major currencies on Tuesday, after falling to a more than three-week low. Gold has lost its appeal as a safe-haven asset, having fal...
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