WASHINGTON (dpa-AFX) - Gold futures settled lower on Tuesday as the U.S. dollar and bond yields climbed up after data showed an unexpected uptick in the nation's retail sales in the month of August.
The U.S. dollar advanced to 101.00, gaining about 0.25%.
Gold futures for September ended down $16.10 or about 0.62% at $2,564.30 an ounce.
Silver futures for September settled at $30.619 an ounce, down $0.152 or about 0.5% from the previous close, while Copper futures for September dropped to $4.2075 per pound, losing $0.0055.
The Fed is widely expected to lower interest rates tomorrow, but there remains some debate about the size of the rate cut.
CME Group's FedWatch Tool is currently indicating a 61% chance of a half point rate cut and a 39% chance of a quarter point rate cut.
Irrespective of the size of the cut on Wednesday, the Fed is still expected to continue lowering rates over the remainder of the year.
The Bank of England and the Bank of Japan are also scheduled to make their monetary policy statements this week.
In economic news today, a report from the Commerce Department said retail sales inched up by 0.1% in August after surging by an upwardly revised 1.1% in July.
The uptick surprised economists, who had expected retail sales to dip by 0.2% compared to the 1% jump originally reported for the previous month.
Excluding a slight pullback by sales by motor vehicle and parts dealers, retail sales still crept up by 0.1% in August after climbing by 0.4% in July. Ex-auto sales were expected to rise by 0.2%.
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