Gold falls 1% on firmer dollar, thin Asia trade

Gold fell 1% on Tuesday as thin trading persisted across major Asian markets due to the Lunar New Year holidays, while a firmer dollar also pressured prices. Spot gold dropped 0.9% to $4,947.98 per ounce by 0110 GMT, after losing 1% earlier in the session. US gold futures for April delivery lost 1.6% to $4,966.80 per ounce. The US dollar index rose 0.2% against a basket of currencies, making greenback-priced bullion more expensive for holders of other currencies. Mainland Chinese, Hong Kong, Singapore, Taiwan and South Korea markets are closed for the Lunar New Year holidays. US and Iran set for high-stakes nuclear talks in Geneva as threat of war looms US markets were shut on Monday on account of Presidents’ Day. Elsewhere, US President Donald Trump said on Monday that he would be involved “indirectly” in talks between Iran and the U.S. over Tehran’s nuclear programme set for Tuesday in Geneva, adding he believed Tehran wanted to make a deal.