Gold edged down to a 7-week low on Tuesday, as equities and the dollar were buoyed in Asian trade by upbeat economic data and strong U.S. treasury yields.Spot gold was down 0.1 percent at $1,269.20 an ounce by 0337 GMT, after earlier touching its lowest since mid-August at $1,267.76.U.S. gold futures for December delivery shed 0.3 percent to $1,272 an ounce."Gold no doubt is struggling for the moment as at least three variables are arrayed against it, namely, a stronger dollar, a higher rate environment and possibly a reduction in tensions with North Korea if tentative contacts revealed over the weekend amount to something," INTL FCStone analyst Edward Meir said in a note.
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