Gold Price Down Due to Strong US Retail Sales figures
Futures futures on the COMEX division of the New York Mercantile Exchange resumed declines on Tuesday in response to stronger-than-expected figures on stronger-than-expected retail sales and manufacturing data.
The most-active gold contract for December delivery fell 10.7 dollars or 0.83 percent to settle at 1,279.70 dollars an ounce.
US national retail sales in July increased by 0.6 percent, better than forecast a 0.4 percent surge. Analysts said the increase is the highest this year, possibly driven by strong demand for new vehicles and special "Prime Day" deals in the Amazon.
According to another report released on Tuesday, the New York Federal Reserve's Empire State Manufacturing Index jumped 15 points to 25.2, reaching its highest level in almost three years.
Stronger economic data weighed on "safe-haven" gold, which was one of the heaviest losses in five weeks.
Gold is under increasing pressure from further easing of geopolitical tensions between Washington and Pyongyang, as the US dollar continues to strengthen.
The US dollar index rose 0.35 percent to 93.79 as of 18:10 GMT. The index is a measure of the dollar against a basket of other major currencies. As the US dollar rises, gold futures will fall.
As for other precious metals, silver for September delivery fell 40.8 cents, or 2.83 percent, to close at 16.714 dollars an ounce. Platinum for October delivery fell 7.5 US dollars, or 0.77 percent, to settle at 967.4 dollars an ounce.
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