Gold price slips to near seven-week low

| Updated: October 24, 2017 12:58:54

Global gold prices edge down

Gold edged down to mark a near 7-week low early on Tuesday, as the dollar remained buoyed by upbeat economic data and strong US treasury yields.

Spot gold was down 0.1 per cent at $1,269.50 an ounce by 0101 GMT, after earlier touching its lowest since mid- August at $1,268.60, according to Reuters.

US gold futures for December delivery shed 0.3 per cent to $1,272.50 per ounce.

The dollar on Tuesday gained 0.3 per cent against a basket of major currencies and was up 0.2 per cent versus the yen.

China's proven gold reserves reached 12,100 tonnes at the end of 2016, the state news agency Xinhua reported on Monday.

Gold miner Avocet Mining Plc reported a 49 per cent drop in first-half revenue as the West Africa-focused company's gold production declined.

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