Gold Futures Settle Higher On Safe-haven Demand

Gold prices moved higher on Tuesday on safe-haven demand as growth worries mounted amid continued surge in coronavirus cases across the world.

Gold prices were also supported by the dollar’s retreat. The dollar index, which edged up to 93.13 in the Asian session, dropped to a low of 92.79 around noon, and was last seen at 92.85, down 0.21% from Monday’s close.

Gold futures for December ended with a gain of $6.20 at $1,911.90 an ounce, rising from a low of $1,898.70.

Silver futures for December closed up by $0.150 at $24.570 an ounce, while Copper futures for December settled at $3.0935 per pound, gaining $0.0040.

A report from the Conference Board said U.S. consumer confidence unexpectedly showed a drop in the month of October.

The Conference Board said its consumer confidence index edged down to 100.9 in October after jumping to a revised 101.3 in September. Economists had expected the index to inch up to 102.0 from the 101.8 originally reported for the previous month.

Data from the Commerce Department showed new orders for U.S. manufactured durable goods jumped by much more than expected in the month of September, surging up by 1.9% after rising by 0.4% in August. Economists had expected durable goods orders to increase by 0.5%.

Meanwhile, fears are mounting due to the rapid surge in new coronavirus cases in several states. According to reports, the number of hospitalizations has reached a two-month high.

U.S. infectious disease expert Anthony Fauci called the situation “quite precarious” and said that a Covid-19 vaccine isn’t an end-all solution to the pandemic.

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