Gold edged lower Tuesday, appearing to take a cue from a stronger U.S. dollar, while silver built on the previous session’s gain after settling at a 13-month high.
Gold for August delivery on Comex GCQ19, -0.08% declined $2.10, or 0.1%, to $1,424.80 an ounce, while September silver SIU19, +0.48% rose 6.4 cents, or 0.4%, to $16.475 an ounce.
The ICE U.S. Dollar Index DXY, +0.42% , a measure of the currency against a basket of six major rivals, rose 0.3% to trade near 97.567 after trading at around a one-month high following a deal between President Donald Trump and congressional leaders announced a deal late Monday on a debt and budget agreement that would avert the possibility of a government shutdown or federal default.
A stronger dollar can be a negative for commodities priced in the U.S. unit, making them more expensive to users of other currencies.
The removal of budget-related risk also dented haven-related demand for gold, as did a continued stream of well-received second-quarter results from U.S. companies as earnings season continues, said Edward Moya, senior market analyst at Oanda, in a note.
In other metals trade, October platinum PLV19, +0.65% rose $3.10, or 0.4%, to $855.80 an ounce, while September palladium PAU19, -0.74% fell $5.20, or 0.3%, to $1,524 an ounce. September copper HGU19, -0.88% was off 2.1 cents, or 0.8%, to $2.701 a pound.
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