Gold Prices Rises Despite Strong Dollar, Fed Rate Hike Speculation Weighs

Gold Prices Rises Despite Strong Dollar, Fed Rate Hike Speculation Weighs

Prices of US gold futures ended higher on Tuesday, boosted by healthy demand, as market participants looked forward to more US financial data for clues on the likelihood of a rate hike in December.

Gold for December delivery on the Comex Exchange advanced $7.55, or 0.61%, to $1,271.35 a troy ounce. A day earlier, the yellow metal lost $4.00, or 0.32%.

Spot gold looks neutral in a range of $1,261-$1,273 per ounce, and only an escape could suggest a direction, Reuters sources.

Data consumer confidence in the United States will be in the spotlight on Tuesday, as investors try to gauge whether the largest world economy is sufficiently strong to withstand an increase in borrowing costs on before the end of the year.

The Conference Board will publish consumer trust figures October at 10 a.m. ET (14: 00GMT). Analysts expect the index to 101.0 from 104.1 tick in September. The survey Richmond Fed also due Tuesday morning.

Chicago Fed President Charles Evans said on Monday the central bank will raise US policy rate three times more before the end of next year if the inflation expectations and the labor market continues to improve.

Markit survey of US manufacturing there climbed to the top of a 53.2 year, while business activities in Europe expanded at a faster rate so far this year in October.

The dollar index, that measures greenback versus a basket of currencies, was steady at 98.76, after hitting a nine-month high on Monday.

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