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Gold Futures Settle Slightly Lower As Dollar Rallies

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Gold futures settled slightly lower on Tuesday as the commodity’s safe-haven appeal dimmed a bit amid reports the U.S. is pressing Israel to delay its ground offensive in the Gaza strip.

Data showing an improvement in U.S. private sector output supported the case for the interest rates to stay restrictive.

A strong dollar weighed as well on the yellow metal. The dollar index climbed to 106.32, gaining about 0.75%.

Gold futures for December ended lower by $1.70 at $1,986.10 an ounce, recovering well from the session’s low of $1,964.60 an ounce.

Silver futures for December ended down $0.094 at $23.116 an ounce, while Copper futures for December ended with a gain of $0.0375 at $3.6240 per pound.

“Gold’s marathon run to record territory clearly ‘hit the wall’ as the Israel-Hamas war has not yet led to a wider conflict,” says Edward Moya, Senior Market Analyst at OANDA.

The S&P Global US Composite PMI rose to 51.0 in October 2023, up from September’s 50.2, signaling an acceleration in the pace of private sector output expansion, a preliminary estimate showed.

The S&P Global Manufacturing PMI for the U.S. rose to 50 in October 2023 from 49.8 in September, beating forecasts of 49.5, preliminary estimates showed.

Investors await some crucial U.S. economic data this week, and the Federal Reserve’s monetary policy meeting next week, for directional clues.

This week, data on U.S. new home sales, durable goods orders, pending home sales, jobless claims, and third-quarter GDP are due. The data on personal income and spending is due as well.

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