COMEX gold is losing momentum from a six week high on Tuesday morning in Asia amid possible profit booking at higher levels. Growing expectations of a Federal rate cut later this month attracted weakness in dollar and kept the yellow metal supported. Moreover, data yesterday showed US Manufacturing Purchasing Managers Index (PMI) contracted for the ninth straight month in November. The Manufacturing PMI declined to 48.2 in November, versus 48.7 prior, below the estimation of 48.6. Investors will now eye US ADP Employment Change and ISM Services PMI reports on Wednesday, ahead of the key Personal Consumption Expenditures (PCE) Price Index inflation data. Currently, the counter is quoting at $4254.00 an ounce, down half a percent on the day. On the MCX, gold futures are hovering above Rs 130000 per 10 gram mark.

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