WASHINGTON (dpa-AFX) - Gold prices edged lower on Tuesday, extending losses from previous session, as traders continued to seek riskier assets such as equities, amid optimism about global economy.
Fairly strong economic data out of the U.S. lifted stocks on Wall Street and expectations about a Brexit delay aided European stocks.
The other safe haven, dollar, eased as well with expectations about a trade deal between the two largest economies continued to prompt investors to lean towards stocks.
Gold futures for April ended down $1.00, or about 0.7%, at $1,328.50 an ounce.
On Monday, gold futures for April settled at $1,329.50, losing $3.30, or 0.3%, for the session.
Silver futures for March ended up $0.002, at $15.832 an ounce, while Copper futures for March settled at $2.9450 per pound, unchanged from previous close.
Testifying before the Senate Banking Committee today, the Federal Reserve Chairman Powell said the Fed continues to view economic conditions as healthy and the economic outlook as favorable but noted there have been some crosscurrents and conflicting signals over the past few months.
Powell pointed toward volatility in the financial markets, slowing growth in China and Europe, and uncertainty about Brexit and the U.S.-China trade talks.
He highlighted the Fed's recent 'patient approach' to raising interest rates and stressed future policy decisions will be data dependent and take into account new information as economic conditions and the outlook evolve.
In economic news, a report from the Conference Board showed a substantial rebound in consumer confidence in the month of February.
The Conference Board said its consumer confidence index jumped to 131.4 in February after falling to 121.7 in January. Economists had expected the index to rise to 125.0.
A separate report from the Commerce Department showed housing starts plunged to a two-year low in December, although the government shutdown-delayed data may have been viewed as old news.
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