WASHINGTON (dpa-AFX) - Gold futures settled lower on Tuesday, extending losses to a third straight session. Unlike in the previous two sessions, a firm dollar, and higher bond yields weighed on the yellow metal.
Geopolitical tensions and concerns about global economic slowdown helped limit gold's downside.
The dollar index climbed to 103.23 in the European session, and despite paring some gains subsequently, remained firm at 103.05, gaining about 0.35%.
Gold futures for August ended down $12.60 or about 0.52% at $2,389.10 an ounce.
Silver futures for August settled higher by $0.020 or 0.07% at $27.096 an ounce, while Copper futures for August climbed to $4.0050 per pound, gaining $0.0210.
Data from the Commerce Department said U.S. trade deficit shrank to $73.1 billion in June from a revised $75.0 billion in May.
Economists had expected the trade deficit to decrease to $72.4 billion from the $75.1 billion originally reported for the previous month.
The narrower trade deficit came as the value of exports jumped by 1.5% to $265.9 billion, while the value of imports rose by 0.6% to $339.0 billion.
The Atlanta Fed raised its third quarter growth projection for the U.S. economy on Tuesday, citing latest economic data including the ISM indexes.
Real gross domestic product growth estimate, based on the Atlanta Fed's GDPNow model, was lifted to 2.9% from 2.5% predicted on August 1.
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