Investing.com - Gold continued to slide in Asia on Thursday after the dollar showed signs of stopping a long plunge that has taken it to multi-month lows.
Gold futures for August delivery dropped 0.28% to USD1,238.48 on the Comex division of the New York Mercantile Exchange by mid-morning in Asia.
Other commodities fared better. Oil was up from a day ealier after reports that US crude inventories dropped more than expected. Copper futures on the Comex were up 0.22% to $2.713 a pound.
Gold prices have lost some upward traction as the US dollar halted a plunge but stayed aroune 10-month lows. The plunge was slowed down by expectations, fuelled last week by the testimoney of US Federal Reserve Chair Janet Yellen, that any monetary tightenting in the US would happen slowly and reports from China that suggested growth there is slightly ahead of target for the year.
Earlier this week, China released second quarter GDP growth with a gain of 1.7% that matched expectations and a year-on-year increase of 6.9% that came in slighltly higher than the expected 6.8%. At the same time, China reported industrial production gained 7.6% from a year earlier in June and retail sales rose 11% in June.
Last week, gold prices rose to two-week highs.
US Dollar Index futures, which track the greenback against a basket of six currencies, were virtually flat in the morning in Asia, down 0.02% to 94.61.