WASHINGTON (dpa-AFX) - Gold futures settled modestly higher on Tuesday, a day after recording the biggest single-session decline amid reports Israel is closer to reaching a ceasefire deal with Lebanon.
Gold prices edged higher despite a stronger dollar. The dollar index, which dropped to 106.49 in the European session, recovered to 107.08, gaining about 0.25%.
Gold attracted safe-haven buying after U.S. President-elect Donald Trump pledged to impose 25% tariffs on imports from Canada and Mexico, and additional tariffs on imports from China when he assumes office.
The tariff moves, tax cut plans and deportation, if implemented, are likely to push up inflation and rising debt.
Gold futures for November ended up by $3.50 or about 0.13% at $2,620.30 an ounce, ahead of release of the minutes of Federal Reserve's most recent policy meeting.
Silver futures for November closed up $0.178 or about 0.59% at $30.388 an ounce, while Copper futures for November dropped to $4.1215 per pound, down $0.0375 or about 0.9%.
In economic news, a report released by the Commerce Department said new home sales saw a 17.3% nosedive to an annual rate of 610,000 in October after spiking by 7% to a rate of 738,000 in September. Economists had expected new home sales to decrease by 1.1% to a rate of 730,000.
After reporting a significant rebound by U.S. consumer confidence in the previous month, the Conference Board released a report on Tuesday showing consumer confidence continued to improve in November. The Conference Board said its consumer confidence index rose to 111.7 in November after surging to an upwardly revised 109.6 in October.
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