2018.11.2014:23:00UTC+00Gold Futures Snap 4-day Winning Streak, End Modestly Lower

Gold prices drifted lower on Tuesday as traders chose to pick up the dollar after stock markets across the globe tumbled amid mounting worries about global economic growth.

Worries about global economic slowdown have increased after Federal Reserve officials cautioned on growth outlook. Although their comments hint at the possibility of a slower pace of interest rate hikes, equities have declined sharply for a second successive day.

As the dollar moved higher against major currencies, the dollar index rose to around 96.65, gaining over 0.6%.

Gold futures for December ended down $4.10, or 0.3%, at $1,221.20 an ounce, snapping a four-day winning streak. On Monday, gold futures ended up $2.30, or 0.2%, at $1,225.30 an ounce.

Silver futures for December ended down $0.134, at $14.269 an ounce.

Copper futures for December declined by $0.0325 to $2.7665 per pound.

In U.S. economic news today, a report from the Commerce Department showed housing starts rebounded in the month of October, although the report also showed a decrease in building permits. The report said housing starts jumped by 1.5% to an annual rate of 1.228 million in October after plunging by 5.5% to a revised rate of 1.210 million in September.

Economists had expected housing starts to climb to a rate of 1.225 million from the 1.201 million originally reported for the previous month.

Meanwhile, the report said building permits fell by 0.6% to an annual rate of 1.263 million in October after surging up by 1.7% to an upwardly revised 1.270 million in September.

Investors look ahead to the G20 summit at Argentina later this month, hoping the U.S. President Donald Trump and the Chinese President Xi Jinping will discuss and agreen on a plan to resolve U.S.-China trade disputes.