By Gold futures settled slightly higher on Tuesday as investors assessed the latest batch of economic data and the likely monetary policy path of the Federal Reserve.
A subdued dollar supported the yellow metal. The dollar index, which dropped to 106.02, recovered to 106.20, down just marginally from the previous close.
Gold futures for December ended higher by $1.40 at $1,935.70 an ounce.
Silver futures for December ended up $0.259 at $23.024 an ounce, while Copper futures for December settled at $3.5785 per pound, down $0.0035 from the previous close.
On the economic front, data showed U.S. retail sales advanced 0.7% month-on-month in September, following an upwardly revised 0.8% increase in August. On yearly basis, retail sales increased 3.8% in September, the highest in seven months. In August, retail sales increased by an upwardly revised 2.9%.
Industrial production in the US went up 0.3% month-over-month in September, beating expectations of a flat reading. Manufacturing output, which accounts for 78% of total production, rose 0.4%, above forecasts of a 0.1% increase, after a 0.1% fall in the previous month.
Investors continued to track geopolitical news. The Israel-Hamas war continues despite international messages of caution.
Heavy shelling was reported near civilian shelters in Gaza ahead of U.S. President Joe Biden’s visit to Israel on Wednesday to show solidarity.
Meanwhile, after concluding his meeting with the U.S Secretary of State Antony Blinken, the defense minister of Israel Yoav Gallant said that “this will be a long war”.
