WASHINGTON (dpa-AFX) - Gold futures settled higher on Tuesday as prices rebounded from a two-week lows touched in the previous session. The dollar's retreat from higher levels helped the yellow metal's uptick.
The dollar index, which climbed to 96.46, dropped to 96.03 by late morning, but recovered to 96.28 subsequently, netting a marginal gain.
Gold futures for February ended higher by $14.50 or about 0.8% at $1,814.60 an ounce. Gold futures had ended lower by 1.6% at a near 2-week low on Monday amid bets of earlier-than-expected rate hikes.
Silver futures for March ended up by $0.246 at $23.056 an ounce, while Copper futures for March settled at $4.4750 per pound, gaining $0.0535.
In economic news, activity in the U.S. manufacturing sector grew at a slower rate in the month of December, according to a report released by the Institute for Supply Management.
The ISM said its manufacturing PMI slid to 58.7 in December from 61.1 in November. While a reading above 50 still indicates growth in the sector, economists had expected the index to show a much more modest decrease to 60.2.
With the bigger than expected decrease, the manufacturing PMI fell to its lowest level since a matching reading last January.
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