Gold Futures Settle Lower For 3rd Straight Session
2024-10-07
1999
(fxcue news) - Gold futures settled lower on Tuesday, extending losses to a third straight session, as the dollar moved up and bold yields climbed higher amid fading prospects of another aggressive interest-rate cut by the Federal Reserve.
Investors continued to closely follow the developments in Middle East. According to reports, Israel is unlikely to hit Iranian nuclear sites in response to Tehran's ballistic missile attack. Instead, Israel may focus on military bases, or intelligence or leadership targets, according to a report in the New York Times.
The dollar index, which advanced to 102.64 from a low of 102.29 it touched in the European session, was at 102.55 (up marginally) a little while ago.
Gold futures for October ended down by $29.80 or about 1.13% at $2,615.00 an ounce.
Silver futures for October settled at $30.355 an ounce, losing as much as $1.390 or about 4.38%. Copper futures for October dropped to $4.4145 per pound, down $0.1045 or about 2.31% from the previous close.
The minutes of the Federal Reserve's September meeting, key readings on U.S. consumer price and producer price inflation, reports on UK GDP growth are due this week.
After last week's upbeat jobs data, traders now expect only a quarter-point cut in interest rates at the Federal Reserve's next policy announcement on Nov. 7, with a small chance that the policy rate stays unchanged.
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