I Gold prices dipped Tuesday in Asia on profit taking with a mix of geopolitical uncertainty over Iraq and continued easy policy offering support triggers.
Gold prices weaker in Asia
On the Comex division of the New York Mercantile Exchange, goldfutures for August delivery traded at $1,315.60 a troy ounce, down 0.21%, after hitting an overnight session low of $1,310.60 and off a high of $1,310.20.
A bloody Sunni insurgency in Iraq fueled safe-haven demand for gold, as fears continued to persist the U.S. will become increasingly involved in the conflict, which could threaten recovery.
Gold often sees safe-harbor demand among investors worried over geopolitical issues.
Iraqi Prime Minister Nuri al-Maliki has agreed to a July 1 deadline to form a new government, a step required by Washington if Baghdad is to receive U.S. assistance battling the insurgents.
Upbeat housing data capped gold's gains, as the data reminded investors the Federal Reserve will continue to dismantle stimulus programs that have supported the yellow metal since late 2012.
The National Association of Realtors reported earlier that existing home sales hit 4.89 million in May, up 4.9% from April's revised 4.66 million rate and above market calls for 4.73 million units.
Elsewhere, Markit Economic reported that U.S. manufacturing PMI rose to 57.5 in June from 56.4 in May, beating market calls for a 56.1 reading.
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