Bengaluru — Gold prices inched lower on Tuesday, dropping for the first time in four sessions, as the dollar rebounded from multiweek lows after the EU parliamentary election results and amid simmering Sino-US trade tensions. Markets were mostly subdued in the previous session with the financial markets in the UK and the US being closed for holidays. Spot gold was down 0.1% at $1,283.29 per ounce, as of 0338 GMT, after touching its highest since May 17 at $1,287.32. US gold futures were down 0.1% at $1,282.30 an ounce. “The price action in gold has been a little bit disappointing and pretty negative. It has not been able to break above $1,290-$1,300 despite the given background of trade tensions, pause in the Fed and volatile equity markets,” said Jeffrey Halley, senior market analyst, Asia Pacific at OANDA. “Some of the money flows are moving to bitcoin. Seems like the cryptocurrencies are eating gold for lunch at the moment. Also, there is nothing at present which is looking to un...
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