Investing.com - Gold prices fell on Tuesday in Asia and is now near a 3-month low.
Gold Futures for December delivery on New York’s COMEX were down 0.2% to $1,452.75 by 1:15 AM ET (05:15 GMT).
“I see gold going back down to $1,400 potentially, as it has broken out of its range, although there’s not really been a washout yet,” said Eric Scoles, market strategist for precious metals at RJO Futures in Chicago.
“Big picture, I remain bullish on gold in 2020 given the risk hedging typical in a presidential year,” Scoles added. “It’s just the immediate picture that’s in question as everything major has been priced in and there just aren’t enough drivers to push the price back to $1,500 or beyond in the near term without a major international event of some kind.”
The losses today were limited amid a lack of clear catalyst, while trading volume were crimped by the closure of the bond market and many banks for the Veterans Day in the U.S.
Looking ahead, traders will hear from eight Federal Reserve officials who are speaking this week.
Fed Chairman Jerome Powell suggested earlier that the U.S. central bank’s third-straight rate cut of a quarter point in October would be its last for the year.
On the data front, the U.S. will release its October consumer price index on Wednesday. Retail saes and industrial production data for the month are due on Friday.
Hong Kong’s political unrest received some focus today, as violence escalated following the death of a Hong Kong University of Science and Technology student after he sustained a serious brain injury near a clearance operation of a protest.
On Monday, a protestor was shot with a live round while traffic in the city was heavily disrupted as protesters caused chaos after calling for a general strike.
Hong Kong Chief Executive Carrie Lam on Tuesday condemned the disruption to commutes and said it is “wishing thinking” to believe the government will yield to protesters’ demands.