Gold futures settled higher on Tuesday as the dollar stayed subdued with traders looking ahead to the annual Jackson Hole Symposium for clues about Fed’s policy moves.
The dollar moved in a very tight range amid improved risk appetite after U.S. authorities gave full approval for the Pfizer-BioNTech COVID vaccine.
The dollar, which slipped to 92.81 in late morning trades, subsequently recovered to 92.92.
Gold futures for December ended up by $2.20 or 0.1% at $1,808.50 an ounce, closing about $1,800 for a second straight day, and the higest finish in nearly three weeks.
Silver futures for September closed higher by $0.238 at $23.894 an ounce, while Copper futures for September settled at $4.2580 per pound, up $0.0210 from the previous close.
On the economic front, the Commerce Department released a report this morning showing a rebound in U.S. new home sales in the month of July.
The report showed new home sales increased by 1.0 percent to an annual rate of 708,000 in July after slumping by 2.6 percent to an upwardly revised rate of 701,000 in June.
Economists had expected new home sales to jump by 3.6 percent to a rate of 700,000 from the 676,000 originally reported for the previous month.