Gold futures gave up early gains and settled slightly lower on Tuesday after the dollar rebounded from lower levels with traders looking ahead to the minutes from the Federal Reserve’s monetary policy meeting held in September.
Prices rose earlier in the day as the dollar eased with investors awaiting the minutes from the Federal Reserve’s September meeting and looking ahead to the resumption of trade talks between the U.S. and Chinese officials.
However, the dollar’s recovery from lower levels and subsequent firmness took the sheen off the yellow metal.
The dollar index, which was down more than 0.1% at 98.85 earlier in the day, rose to 99.21 as the day progressed, gaining nearly 0.25%.
Gold futures for December ended down $0.50, or about 0.03%, at $1,503.90 an ounce, after hitting a high of $1,514.30 around mid morning.
On Monday, gold futures for December ended down $8.50, or about 0.6%, at $1,504.40 an ounce.
Silver futures for December ended up $0.160 at $17.700 an ounce, while Copper futures for December ended down $0.0085 at $2/5685 per pound.
In economic news, Producer prices in the U.S. unexpectedly decreased in the month of September, according to a report released by the Labor Department on Tuesday.
The Labor Department said its producer price index for final demand fell by 0.3% in September after inching up by 0.1% in August. The drop surprised economists, who had expected another 0.1% uptick.
Excluding food and energy prices, core producer prices also slid by 0.3% in September after climbing by 0.3% in August. Economists had expected core prices to rise by 0.2%.
The material has been provided by InstaForex Company – www.instaforex.com