Gold slips on hopes of soft landing for US economy

Gold retreated on Tuesday as the dollar firmed and hopes of a soft landing for the US economy dented safe-haven demand for bullion, reports Reuters.
Spot gold eased 0.7 per cent to $1,951.19 per ounce by 1239 GMT, while US gold futures dropped 1.1 per cent to $1,950.30.
The dollar index hit a three-week high, and 10-year US Treasury yields climbed.
"It's increasingly likely the US will achieve that holy grail of the soft landing for the economy ... and China authorities keep telegraphing the intention to deploy considerable stimulus," said ActivTrades senior analyst Ricardo Evangelista.
"All of this is creating a wave of optimism in the financial markets, which hits the safe-haven gold," said Evangelista, who saw gold prices trading in a tight range around $1,950 barring surprises.
US banks reported tighter credit standards and weaker loan demand during the second quarter, Federal Reserve survey data showed on Monday, while separate data last week showed slowing inflation and strong economic growth.
China's State Council on Monday issued measures to restore and expand consumption in the automobile, real estate and services sectors.