empty
 
 

2023.10.1719:21:00UTC+00Gold Futures Settle Marginally Up

Gold futures settled slightly higher on Tuesday as investors assessed the latest batch of economic data and the likely monetary policy path of the Federal Reserve.

A subdued dollar supported the yellow metal. The dollar index, which dropped to 106.02, recovered to 106.20, down just marginally from the previous close.

Gold futures for December ended higher by $1.40 at $1,935.70 an ounce.

Silver futures for December ended up $0.259 at $23.024 an ounce, while Copper futures for December settled at $3.5785 per pound, down $0.0035 from the previous close.

On the economic front, data showed U.S. retail sales advanced 0.7% month-on-month in September, following an upwardly revised 0.8% increase in August. On yearly basis, retail sales increased 3.8% in September, the highest in seven months. In August, retail sales increased by an upwardly revised 2.9%.

Industrial production in the US went up 0.3% month-over-month in September, beating expectations of a flat reading. Manufacturing output, which accounts for 78% of total production, rose 0.4%, above forecasts of a 0.1% increase, after a 0.1% fall in the previous month.

Investors continued to track geopolitical news. The Israel-Hamas war continues despite international messages of caution.

Heavy shelling was reported near civilian shelters in Gaza ahead of U.S. President Joe Biden's visit to Israel on Wednesday to show solidarity.

Meanwhile, after concluding his meeting with the U.S Secretary of State Antony Blinken, the defense minister of Israel Yoav Gallant said that "this will be a long war".

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback