Gold dips further below $1,200 on robust U.S. data, dollar

By A. Ananthalakshmi SINGAPORE (Reuters) - Gold eased further below $1,200 an ounce on Tuesday as the dollar climbed to a fresh 12-1/2-year peak against the yen and strong U.S. economic data supported expectations of a Federal Reserve rate hike later this year. Gold initially rose in the prior session after U.S. consumer spending growth unexpectedly stalled in April, but gave up those gains after data showed manufacturing activity picked up in May for the first time in seven months and construct