Gold futures finish higher on Tuesday, near two-week peak as the bets on more dovish Fed monetary policy stance boosted investment appeal of the bullion. Reports that the US ISM services index dipped in July, missing forecasts and signalling sluggish growth, kindled safe haven appeal of the bullion. The precious metal also found support from President Trump’s latest round of tariffs and renewed concerns about the Fed’s independence following Governor Kugler’s resignation, which gives Trump the opportunity to appoint a more dovish successor.
Gold futures for December delivery up by $8.30 or 0.24% to settle at $3,434.70 an ounce on the Comex division of the New York Mercantile. While, spot gold down by $5.64 or 0.17% to $3,374.96 an ounce.