Metals Stocks: Gold bounces higher after prices suffer sharpest tumble in a more than a year

Gold prices staged a modest rebound Tuesday morning, as the yellow metal attempted to recover from its sharpest daily fall in more than a year.

August gold GCQ19, +0.32% was trading 0.3% higher at $1,393.40 an ounce, after the precious metal dropped $24.40, or 1.7%, on Monday, representing the steepest dollar and percentage decline for most-active futures contracts since June 2018, according to FactSet data.

Gains for bullion came as the dollar weakened, making commodities priced in the metal more attractive to buyers using other currencies and as benchmark debt yields edged back. The Reserve Bank of Australia cut its benchmark interest rates for the second time in less than 30 days to combat signs of sluggish economic growth in the region, emanating from China.

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