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.<\/p>\n
Data showing an improvement in U.S. private sector output supported the case for the interest rates to stay restrictive.<\/p>\n
A strong dollar weighed as well on the yellow metal. The dollar index climbed to 106.32, gaining about 0.75%.<\/p>\n
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.<\/p>\n
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.<\/p>\n
“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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Investors await some crucial U.S. economic data this week, and the Federal Reserve’s monetary policy meeting next week, for directional clues.<\/p>\n
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. <\/p>\n