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Gold struggles to build on overnight rebound, hangs near two-week lows
Gold came under some renewed selling pressure on Tuesday and eroded part of overnight modest recovery gains from over 2-week lows.
On Monday, the precious metal touched an intraday low level of $1307.79, its lowest level since March 1, but managed to recover lost ground and ended the day in positive territory amid some renewed US Dollar selling pressure.
The USD bearish pressure now seems to have abated and was seen weighing on dollar-denominated commodities – like gold. Adding to this, a slight improvement in investors’ appetite for riskier assets, as depicted by some initial signs of stability in the equity markets, further dented the precious metal’s safe-haven appeal and collaborated to the weaker tone.