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Gold Futures Settle Flat

Gold Futures Settle Flat
Businessman checking stock market online

Gold futures failed to hold early gains and ended flat on Tuesday after staying sluggish almost right through the session with traders weighing the developments on Brexit and U.S.-China trade front.

The dollar exhibited some strength till noon and this contributed a bit to the yellow metal’s retreat from higher levels.

The dollar index, which rose to 97.54, pared its gains subsequently and was last seen hovering around 97.30, slightly below the flat line.

Gold futures for December ended down $0.60, or about 0.04%, at $1,487.50 an ounce.

On Monday, gold futures for December ended down $6.00, or 0.4%, at $1,488.10 an ounce.

Silver futures for December ended down $0.102, at $17.500 an ounce, while Copper futures for December settled at $2.6330 per pound, down $0.0135 from previous close.

While uncertainty about Brexit supported the yellow metal, optimism about U.S. and China signing a deal sometime in the near future limited its upside.

Fairly steady global stock markets too contributed to the lackluster performance of the safe-haven commodity.

In economic news, a report from the National Association of Realtors showed existing home sales pulled back by much more than anticipated in the month of September.

NAR said existing home sales plunged by 2.2% to an annual rate of 5.38 million in September after jumping by 1.5% to an upwardly revised 5.50 million in August.

Economists had expected existing home sales to drop by 0.7% to a rate of 5.45 million from the 5.49 million originally reported for the previous month.

Despite the monthly pullback, the report said existing home sales in September were up by 3.9% compared to the same month a year ago.

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