WASHINGTON (dpa-AFX) - Gold prices dropped on Tuesday, falling for a fourth straight session, as investors awaited the Federal Reserve's monetary policy announcement due on Wednesday. A slightly positive dollar weighed on the yellow metal.
The dollar index, which advanced to 107.08 in the European Session, dropped to around 106.75 before recovering to 106.94, gaining marginally.
Gold futures for December closed down $7.00 or about 0.26% at $2,644.40 an ounce.
Silver futures for December settled at $30.573 an ounce, losing $0.124 or about 0.4%, while Copper futures fell to $4.0920 per pound, down $0.0515 or 0.24% from previous close.
The Fed is widely expected to lower interest rate by 25 basis points. The accompanying statement from the Fed, and the post meet conference by the central bank chair Jerome Powell are eyed for clues about future interest rate moves.
Data from the Commerce Department said retail sales in the U.S. grew by 0.7% in November after climbing by an upwardly revised 0.5% in October. Economists had expected retail sales to rise by 0.5% compared to the 0.4% increase originally reported for the previous month.
A report released by the Federal Reserve showed a modest decrease by U.S. industrial production in the month of November. The report said industrial production edged down by 0.1% in November after falling by a revised 0.4% in October.
Economists had expected industrial production to rise by 0.3% compared to the 0.3% dip originally reported for the previous month.
A report released by the National Association of Home Builders on Tuesday showed homebuilder confidence has held steady in the month of December. The report said the NAHB/Wells Fargo Housing Market Index came in at 46 in December, unchanged from November. Economists had expected the index to inch up to 47.
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