MTECHTIPS;-Gold dips as investors opt for safe-haven dollar, bond
MTECHTIPS-Gold prices edged downward on Tuesday as investors flocked to the dollar and US government bonds amid steep declines in global stock markets, denting appeal for non-interest bearing bullion. Spot gold was down 0.3 percent at $1,220.01 per ounce at 1:35 p.m. EST (1835 GMT), putting it on course to snap a five-session winning streak.US gold futures settled down $4.10, or 0.3 percent, at $1,221.20. "It seems like most people are leaving the stock markets, flocking into bonds and ignoring the gold market at this moment," said Walter Pehowich, executive vice president of investment services at Dillon Gage Metals, adding that the precious metal was also under pressure from a stronger dollar The dollar rallied from a two-week low and benchmark US Treasury yields dipped to seven-week lows as stock market declines boosted global demand for safe-haven US Treasury debt and the dollar.A stronger dollar makes gold, which offers no yield to investors, more expensive for users of other currencies
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