Despite a strong dollar, gold futures settled higher on Tuesday, rebounding well after extending losses from a day earlier and falling to a near five-month low early on in the session.
Treasuries were little changed while the dollar edged higher as traders wait for the reading on U.S. consumer price inflation on Wednesday for directional cues.
The dollar index, which was just marginally above the flat line in the Asian session, rose to 93.14 later on in the day and was last seen at 93.08, up 0.15% from the previous close.
Gold futures for December ended up by $5.20 or about 0.3% at $1,731.70 an ounce.
Silver futures for September ended higher by $0.123 at $23.392 an ounce, while Copper futures for September settled at $4.3540 per pound, up $0.0645 from the previous close.
In U.S. economic news on Tuesday, preliminary data released by the Labor Department showed labor productivity in the U.S. increased by much less than expected in the second quarter, jumping by 2.3%, after soaring by a downwardly revised 4.3% in the first quarter.
Economists had expected productivity to surge up by 3.5% compared to the 5.4% spike that had been reported for the previous quarter.
Meanwhile, the U.S. Senate passed a $1 trillion bipartisan infrastructure plan today. The legislation, which includes $550 billion in new funding for transportation, broadband and utilities.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2180982/
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