Gold prices eased marginally in early Asian trade on Tuesday, continuing a decline from overnight on expectations the dollar will continue to make gains as the Federal Reserve looks to begin scaling back its monetary stimulus programs in the near future.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,281.00 a troy ounce, down 0.01%, in Asia.
Gold prices hit a session low of USD1,278.50 a troy ounce and high of USD1,288.40 a troy ounce on Monday in New York.
On Friday, the Bureau of Labor Statistics reported that the U.S. economy added 204,000 jobs in October, far surpassing expectations for a 125,000 increase, bolstering the chances the Fed could start to trim its USD85 billion monthly bond buying program as early as December.
In Asia, attention was focused on any details from a meeting of senior Chinese leaders setting economic and social policies for the next decade, which is set to end Tuesday. A key outcome of the meeting for markets would be any timetable for full convertibility of the yuan.
China and India are the world's top importers of gold. India has recently moved to restrict imports because of current account concerns and the rupee is not fully convertible. But a fully-convertible yuan could pave the way for a significant increase in gold trade in China. - investing.com