• Gold prices inched up on Tuesday, but remained near seven-week lows hit in the previous session as safe-haven demand ebbed in the wake of France's presidential election.
Spot gold was up 0.2 percent at $1,228.20 per ounce at 0320 GMT, after touching a seven-week low of $1,224.86 the day before, just above its 100-day moving average.
• Investor sentiment in the euro zone hit its highest level in almost a decade in May, improving more than expected thanks to a strong assessment of the current economic situation and expectations that political uncertainty will diminish.
• India's gold imports in April more than doubled from a year ago to 75 tonnes on strong demand during a festival that prompts purchases and as jewellers stocked up ahead of a new national sales tax, provisional data from consultancy GFMS showed.
• "Overall sentiment has been turning from risk aversion to normalized risk tolerance levels, so we can see that demand for gold has been decreasing," said Mark To, head of research at Hong Kong's Wing Fung Financial Group.
• "The fall of the volatility index further hollows out the safe-haven bid that has underpinned gold for most of 2017. Should volatility remain becalmed, gold may find itself on the losing end of a deeper correction to the downside," said Jeffrey Halley, senior market analyst at OANDA.
"Even though there may be some slowdown in economic recovery for a very short time, Fed officials still think that this does not impact the rate hike decision," To said. "Market participants have made their bets and bond yieldsare moving up and the gold price moving down."
Reference: Reuters
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