Gold futures snapped a six-day losing streak and ended moderately higher on Tuesday, as the dollar retreated on weak U.S. manufacturing and services sector data.
The dollar index dropped to 108.08 post release of the latest batch of economic data. Despite recovering subsequently to 108.55, the index remains firmly down with a loss of about 0.45%.
Gold futures for December ended higher by $12.80 or about 0.7% at 1,761.20 an ounce, a day after settling at a near 4-week low.
Silver futures for September closed higher by $0.148 at $19.026 an ounce, while Copper futures for September settled at $3.6955 per pound, gaining $0.0440.
In economic news, data from Markit Economics showed the S&P Global US Composite PMI came in with a score of 45 for August, down from a reading of 47.7 in July.
The Manufacturing PMI fell to 51.3 in August from 52.2 a month earlier, while the Services PMI dropped to 44.1 in the month from 47.3 in July.
Data from the Commerce Department showed new home sales in the U.S. dropped 12.6% month-over-month to a seasonally adjusted 511,000 in July, the lowest reading since January 2016.
According to a report from the Federal Reserve Bank of Richmond, the Richmond Fed composite manufacturing index fell to -8 in August from 0 in the previous month.
Meanwhile, Redbook Research Inc. said that the Redbook index increased by 13.5% in the week ending August 20, 2022 over the same week in the previous year.
