Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday as technical trading and a stronger U.S. dollar put pressure on the precious metal.
The most active gold contract for December delivery fell 10.6 U.S. dollars, or 0.8 percent, to settle at 1,316.5 dollars per ounce.
Gold fell on Tuesday after two days of gains, despite hawkish remarks from U.S. Federal Reserve Chairwoman Janet Yellen. Analysts note that hawkish remarks normally piled pressure on the precious metal, as increased interest rates drive investors away from non-interest bearing assets such as gold, however in this particular case, market forces drove gold upwards and as of Tuesday, the precious metal is finally normalizing its trend.
Investors are waiting for the release of several major economic data that will likely indicate the Fed's policy direction during their September FOMC meeting in a couple weeks. The weekly jobless claims report is due on Thursday and the big jobs report is due on Friday, along with international trade.
Reference: Xinhua
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