Gold futures extended their gains to a sixth successive session as prices of the commodity rose on Tuesday amid an escalation in tensions in the Middle East and on hopes of increased demand.
The dollar’s continued weakness contributed as well to the yellow metal’s gains.
The dollar index, which declined to 96.36 after a weak start, later edged up to 96.45, but was still trailing its previous close by about 0.3%.
Gold futures for February ended up $4.50, or about 0.3%, at $1,523.10 an ounce, the highest settlement in about 14 weeks. Annually, year 2019 turned out to be the best for the safe-haven asset in nine years in terms of returns.
On Monday, gold futures for February ended up $0.50 at $1,518.60 an ounce.
Silver futures for March ended down $0.080 at $17.921 an ounce, while Copper futures for March settled at $2.7970 per pound, down $0.0365 from previous close.
In economic news, a report released by the Conference Board on Tuesday showed U.S. consumer confidence dipped from an upwardly revised level in the month of December.
The Conference Board said its consumer confidence index edged down to 126.5 in December from an upwardly revised 126.8 in November.
Economists had expected the index to rise to 128.2 from the 125.5 originally reported for the previous month.
The material has been provided by InstaForex Company – www.instaforex.com