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Gold Slides As Stocks Hold Gains

Gold prices fell Tuesday as stocks were stable at record highs, limiting the safe haven value of the precious metal.

There has been little movement for gold over the past few sessions amid speculation the next Federal Reserve chairman will come from in-house.

President Donald Trump will reportedly name Fed Governor Jerome Powell to replace current Chair Janet Yellen when her term expires in January.

Stability at the Fed means the central bank will likely raise interest interest rates in December and three more times in 2018, in line with their official outlook.

Dec. gold falls $7.20, or 0.6%, to settle at $1,270.50/oz, ending the month with a loss of 1.1%.

In economic news, consumer confidence in the U.S. saw a significant improvement in the month of October, the Conference Board revealed in a report released on Tuesday.

The Conference Board said its consumer confidence index jumped to 125.9 in October from an upwardly revised 120.6 in September. Economists had expected the index to inch up to 121.0 from the 119.8 originally reported for the previous month.

The material has been provided by InstaForex Company – www.instaforex.com

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