SINGAPORE: Gold eased on Tuesday on expectations of positive manufacturing data from the euro zone, but concerns over a second coronavirus wave kept the safe-haven metal near its highest level in more than a month.
Spot gold was down 0.3% at $1,749.80 per ounce by 0701 GMT. On Monday, bullion hit $1,762.84, its highest since May 18. US gold futures eased 0.2% to $1,762.30.
"We're seeing a little bit of profit taking ahead of the PMI data. Positive data could be a mood shifter and lend more support to the V-shaped recovery," said Stephen Innes, chief market strategist at financial services firm AxiCorp.
Gold has gained about 15% so far this year, supported mainly by lower interest rates and widespread stimulus measures by global central banks to ease the economic blow from the pandemic, since the non-yielding metal is considered a hedge against inflation and currency debasement.
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