Gold futures on the COMEX division of the New York Mercantile Exchange declined on Tuesday due to the strengthening of the U.S. dollar.
The December delivery gold contract, which was the most active, dropped 0.09 percent or $1.70 to conclude at $1,986.10 per ounce.
Additionally, the release of economic data on Tuesday also had a negative impact on gold. The S&P Global flash U.S. manufacturing purchasing managers’ index (PMI) indicated a rise to 50 in October, up from 49.8 in October 2022. Furthermore, the services PMI increased to 50.9 from 50.1, both surpassing analysts’ predictions.
Investors are anxiously awaiting further economic data to gain insights into the Federal Reserve’s future rate policy. This includes the U.S. GDP data for the third quarter, scheduled to be released on Thursday, as well as the U.S. personal consumption expenditures (PCE) index, which will be published on Friday.
In similar fashion, silver for December delivery experienced a decrease of 0.40 percent or 9.40 cents, concluding at $23.116 per ounce. Moreover, platinum for January delivery declined by 1.45 percent or $13.10 to conclude at $891.90 per ounce.
