Gold futures finished lower on Tuesday, saddled by the risk appetite in the market ahead to key US economic data this week, inclusive of PCE index, the Fed’s preferred inflation gauge, and the second estimates of Q2 GDP figures. However, dovish Fed Reserve comments bracing a total of 100 bps interest rate cuts this year and safe haven appeal with the elevated tensions in the Middle East trimmed losses in yellow metal.
Gold futures for December delivery down by $2.30 or 0.09% to $ 2,552.90 per ounce on the Comex division of the New York Mercantile. While, spot gold dipped by $12.98 or 0.51% to settle at $2,511.66 an ounce.