WASHINGTON (dpa-AFX) - Gold prices have moved modestly higher during trading on Tuesday, regaining ground following the nosedive seen in the previous session.
After plummeting $152.80 or 3.5 percent to $4,168.40 an ounce during Monday's session, gold for December delivery is rising $10 or 0.2 percent to $4,178.40 an ounce.
The slight rebound by the price of gold comes as the price of crude oil has shown a significant downturn over the course of the day.
U.S. crude oil futures surged by as much as 2.3 percent earlier in the day but have subsequently come under considerable pressure and were last seen trading down by 2.3 percent.
However, traders seem reluctant to make significant moves ahead of the release of closely watched consumer price inflation data on Wednesday.
The inflation data could have a significant impact on the outlook for interest rates ahead of the Federal Reserve's next monetary policy meeting late next month.
CME Group's FedWatch Tool is currently indicating a 68.1 percent chance the Fed will raise rates by another quarter point at its October meeting.
In U.S. economic news, a report released by the Conference Board unexpectedly showed a notable deterioration in U.S. consumer confidence in the month of September.
The Conference Board said its consumer confidence index slumped to 81.9 in September from a downwardly revised 88.6 in August.
Economists had expected the consumer confidence index to inch up to 90.0 from 89.4 originally reported for the previous month.
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