Metal Commodities
Gold fell on Tuesday as sliding crude oil prices and a
dollar rebound prompted the bullion market to take a breather following
its recent rally.
The energy market slumped further on Tuesday, with U.S. and Brent crude futures both falling more than 4 percent after the West's energy watchdog cut its estimates for oil demand this year and next.
Anxieties about a slowing global economy also sent U.S. 30-year bond yields below 3 percent for the first time since May 2013, while benchmark 10-year yields fell to a 16-month low of 2.18 percent.
The energy market slumped further on Tuesday, with U.S. and Brent crude futures both falling more than 4 percent after the West's energy watchdog cut its estimates for oil demand this year and next.
Anxieties about a slowing global economy also sent U.S. 30-year bond yields below 3 percent for the first time since May 2013, while benchmark 10-year yields fell to a 16-month low of 2.18 percent.
Spot gold was down 0.3 percent at $1,232.75 an ounce by 2:34 p.m. ET after touching a four-week high of $1,237.90 an ounce.
U.S. COMEX gold futures for December delivery outperformed spot, settling up $4.30 an ounce at $1,234.30 in lighter-than-usual turnover.The dollar recovered against a basket of major currencies after weak economic data out of the euro zone and United Kingdom underscored the relative health of the U.S. economy.
Last week, the greenback notched its biggest weekly loss in six months on growth concerns and worries that the U.S. Federal Reserve may wait longer to raise interest rate.
"It is still all about the U.S. dollar and the interest rate outlook,'' said George Gero, vice president at RBC Capital Markets.
Gold, priced in dollars, becomes more expensive for holders of other currencies when the U.S. currency strengthens.
With a selloff in equities on Monday, gold-backed exchange-traded funds (ETFs) attracted significant investors for the first time in a month after heavy outflows, Reuters data showed.
Among other precious metals, silver was down 0.5 percent at $17.36 an ounce. Platinum rose 0.3 percent to $1,263.75 an ounce, and palladium climbed 1.5 percent to $790 an ounce.
Platinum group metal investors were digesting comments by South Africa's mines minister, Ngoako Ramatlhodi, who said he was considering declaring certain minerals such as coal and iron ore as "strategic" for the country.
Ramatlhodi dismissed reports that a forthcoming meeting between Russian and South African officials would lay the groundwork for an OPEC-style platinum cartel. Russia and South Africa account for about 80 percent of global production of the metal.
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