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Gold Futures Settle Notably Lower

Gold Futures Settle Notably Lower

Gold prices drifted lower as riskier assets like equities moved up amid easing concerns about Brexit and some upbeat earnings reports from a few big-name U.S. companies.

Uncertainty about U.S.-China trade deal persisted but that did not deter investors from picking up equities.

Gold futures for December ended down $14.10, or about 0.9%, at $1,483.50 an ounce, the lowest settlement since September 30.

On Monday, gold futures for December ended up $8.90, or 0.6%, at $1,497.60 an ounce.

Silver futures for December ended down $0.326 at $17.384 an ounce, while Copper futures for December settled at $2.6140 per pound, down $0.0200 from previous close.

In economic news, The Federal Reserve Bank of New York released a report on Tuesday unexpectedly showing a modest acceleration in the pace of growth in regional manufacturing activity in the month of October.

The New York Fed said its headline general business conditions index edged up to 4.0 in October after dipping to 2.0 in September, with a positive reading indicating an increase in regional manufacturing activity.

The modest uptick came as a surprise to economists, who had expected the general business conditions index to slip to 0.8.

On the Brexit front, EU negotiator Michel Barnier reportedly said a Brexit deal is still possible this week.

In earnings news from U.S., JP Morgan Chase, Citigroup, Johnson & Johnson and United Health reported better than expected third quarter results today. Goldman Sachs, however, reported numbers that fell short of expectations.

The material has been provided by InstaForex Company – www.instaforex.com