Gold under pressure from strengthening Dollar

Source: WBP Online
© Scanpix/Reuters
The yellow metal slipped on Tuesday, amid the strengthening Dollar, after the PBoC decided to depreciate the Renmibi. The bullion futures for December delivery fell 0.3% to $1,100.7 an ounce by 7:35 AM GMT. Appreciating Greenback means that the sentiment is bearish for dollar-denominated commodities. Holders of weaker Yuan will have less purchasing power of commodities therefore, it is likely that the demand will weaken further. 
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