2019.09.2414:54:00UTC+00Gold Futures Settle At 3-week High

Gold prices moved higher on Tuesday, extending recent gains, on safe-haven appeal after equities reeled under pressure on weak economic data and geopolitical worries.

After finding some support early on in the session on renewed optimism about trade talks after Treasury Secretary Steven Mnuchin said negotiations between China and the U.S. will resume in a couple of weeks, stocks retreated on weak consumer confidence data and President Donald Trump's hawkish speech at the United Nations General Assembly.

Trump called on all nations to tighten the economic noose around Iran's economy and said no country should support Iran's "blood lust."

This hard-line stance of the U.S. President weighed on investor sentiment and prompted them to seek safe haven assets.

The dollar index declined to 98.32 and was last seen at 98.40, down by about 0.2% from previous close.

Gold futures for December ended up $8.70, or about 0.6%, at $1,540.20 an ounce, the highest settlement in about three weeks.

On Monday, gold futures for December ended up $16.40, or about 1.1%, at $1,531.50 an ounce, after having advanced 0.6% a session earlier.

Silver futures for December ended down $0.083, at $18.628 an ounce, while Copper futures for December settled lower by $0.0050, at $2.6065 per pound.

According to a report released by the Conference Board, U.S. consumer confidence deteriorated by much more than anticipated in the month of September.

The Conference Board said its consumer confidence index tumbled to 125.1 in September from a downwardly revised 134.2 in August. Economists had expected the consumer confidence index to dip to 133.0 from the 135.1 originally reported for the previous month.