The price of gold was moving lower Tuesday morning amid a batch of upbeat macroeconomic data from the US and subdued physical demand from India and China.
Gold for December delivery, the most actively traded contract, shed $10.50 to $1,291.90 an ounce.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved down to 917.14 tons from 918.64 tons.
Meanwhile, the U.S. dollar was trading flat versus the euro, while slipping toward a two-week low against sterling. The buck was moving lower versus the yen and the Swiss franc.
In economic news from the euro zone, Germany's manufacturing orders increased at a significantly faster rate in June than expected by economists, data released by the government showed. New orders in the manufacturing sector climbed a seasonally adjusted 3.8 percent sequentially in June, reversing the previous month's revised 0.5 percent decrease. Economists had forecast orders to record a more modest increase of 1 percent, following May's originally recorded 1.3 percent fall.
Meanwhile, U.K. industrial production recovered at a faster than expected pace in June, helped by mining and manufacturing output, the Office for National Statistics said. Industrial output rose 1.1 percent month-on-month in June, following three consecutive periods of zero growth. Economists had forecast output to grow moderately by 0.7 percent.
Elsewhere, the prices of silver and platinum were little changed in morning deals.
From the U.S., the U.S. Commerce Department will release its trade balance report for June at 8:30 am ET. Economists expect the trade deficit to narrow to $43 billion from $45 billion in the previous month.
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Market Analysis
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.