Gold prices edged lower in Asian trade on Tuesday. Industrial metals also retreated, with copper facing lingering pressure from concerns over top importer China after Beijing gave neutral hints to plans for more stimulus. Positive copper import data did little to offset this trend.
Broad metal prices were also largely negative and were nursing losses over the past two weeks, as signs of a slowdown in the US economy dampened expectations of excessive interest rate cuts by the Federal Reserve.
Spot gold was down 0.1% at $2,645.74 an ounce, while gold futures for December settlement were down 0.1% at $2,662.10 an ounce. Gold prices remained below September’s peak amid sustained pressure from the dollar. Traders were seen pricing in an 80% chance of the central bank cutting rates by 25 basis points in November,
