Gold Flat at $1,290.70 an Ounce, Declining Demand in India, China

Gold remained steady at $1,290.70 per ounce on Tuesday, according to Reuters. The World Gold Council released a report today indicating consumer gold demand has declined in both China and India, countries that usually show a large appetite for the precious metal.

“The WGC report … has been the focus today, together with a stronger dollar,” Ole Hansen, head of commodities research at Saxo Bank, told Reuters. “Geopolitics and the recent widening of yield differentials in Europe are currently not receiving much focus.”

U.S. gold futures for June delivery were down $2.60 an ounce at $1,291.30.