WASHINGTON (dpa-AFX) - Gold futures settled modestly higher on Wednesday, extending recent gains, despite a stronger dollar. The yellow metal's rise - its sixth straight session gain, marks the contract's longest winning streak since early April this year.
The dollar index, which was struggling in Asian and European sessions today, climbed to 100.99 around early afternoon, and was last seen at 100.88, up 0.41% from Tuesday's close.
A weak Yen and data showing a smaller-than-expected drop in U.S. new home sales in the month of August pushed up the dollar.
Gold futures for September ended higher by $8.00 or about 0.3% at $2,659.20 an ounce, rising for a sixth straight session - the longest winning streak since early April this year.
Silver futures for September ended down $0.413 or 1.29% at $31.698 an ounce, while Copper futures for September dropped to $4.4240 per pound, down $0.0055 from the previous close.
The Commerce Department said new home sales plunged by 4.7% to an annual rate of 716,000 in August after soaring by 10.3% to a revised rate of 751,000 in July. Economists had expected new home sales to tumble by 5.3% to a rate of 700,000 from the 739,000 originally reported for the previous month.
Investors await Fed Chair Jerome Powell's remarks on Thursday and U.S. inflation data on Friday for further policy cues.
Fed Governor Michelle Bowman said Tuesday that inflationary risks remain, and the Fed should lower interest rates at a 'measured' pace. She noted that lowering rates too quickly risks unleashing pent-up demand and cash, which would send inflation upward again.
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