CHICAGO – Gold futures on the COMEX division of the New York Mercantile Exchange fell on Tuesday as the US dollar strengthened, reported Xinhua.
The most active gold contract for December delivery fell 12.10 US dollars, or 0.62 per cent, to close at 1,935.10 dollars per ounce.
The prospect of another interest-rate hike from the Federal Reserve at its November meeting also dampened gold.
Investors are also waiting for the US August consumer price index, a key measurement of inflation, due out on Wednesday.
Investors may like gold in the longer run, but the two headwinds of strong US dollar and rate hike expectation are keeping gold in check for the time being, market analysts hold.
The National Federation of Independent Business said Tuesday that its small-business optimism index fell to 91.3 in August from 91.9 in July, keeping it well below the index’s 49-year average of 98 for 20 months straight.
Silver for December delivery rose 1.90 cents, or 0.08 per cent, to close at 23.402 dollars per ounce. Platinum for October delivery rose 10.50 dollars, or 1.16 per cent, to close at 912.80 dollars per ounce. – Bernama
