In Focus: Gold retreats from 6 Year low off Dollar declines Precious-Gold resumed its rebound for a six-year low as the dollar slipped from an eight-month high after downbeat U.S. economic reports. The yellow metal soared for a second straight session to resume its rise after falling to a bottom of $1053.05 an ounce on Monday. The dollar fell from its record high after reports showing Chicago PMI unexpectedly dropped in November to 48.7. Another report signaled a lower than forecast increase in pending home sales by 0.2 percent, compared to projections of 1.6 percent advance. Later in the day, the U.S. will released its ISM manufacturing PMI, which may signal a widening expansion to 50.6 last month from the prior of 50.1. The dollar index is currently hovering around 100.03 after touching a low of 99.84. Gold ignored the downbeat Chinese manufacturing data, where a government report showed the sector remained in contraction for a fourth consecutive in November. Gold hit a high of $1074.83 an ounce, while it currently trading at $1070.45, where it opened at $1064.96. Brent crude rose for the first time in four sessions to $44.80 a barrel, after recording a sharp monthly drop in November. Later in the week, eyes will focus on Fed Chairwoman speech before Congress and ECB monetary decision.

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