Appetite for riskier asset drives gold price down

Bengaluru — Gold prices inched back towards last week's four-month low on Tuesday as a firmer dollar and ongoing preference for riskier assets took the sheen off the metal traditionally seen as a safe haven.

Data from the US Commodity Futures Trading Commission, showed speculators switched to a net short position in Comex gold in the week to April 16. Better-than-expected economic readings from both the US and China lately have assuaged investor concerns of a sharp global economic slowdown, although weak manufacturing surveys from Asia and Europe have kept a lid on sentiment.Stronger equities this year have also dented gold's appeal, with the metal now more than 5% below its 2019 peak touched in February.

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