Gold futures settled significantly higher on Tuesday following easing dollar and drop in Treasury yields after data showed a drop in job openings in the U.S., and a drop in consumer confidence. According to a report from the Conference Board, consumer confidence in the U.S. deteriorated by much more than anticipated in the month of August. The report said the consumer confidence index tumbled to 106.1 in August from a downwardly revised 114.0 in July. Data from the Labor Department showed job openings in the U.S. decreased to 8.8 million on the last business day of July.
Gold futures for December delivery ended higher by $18.30 or about 0.9% to settle at $1,965.10 ounce on the Comex division of the New York Mercantile. Spot gold rose 0.9% at $1,936.84 per ounce.