24.10.201814:36:00UTC+00Gold Futures Settle Lower As Dollar Rises

Gold futures ended lower after moving in a very narrow range on Wednesday, after the U.S. dollar gained in strength against major currencies.

The dollar index gained about 0.5%, rising to 96.43.

Some profit taking after the sharp upmove on Tuesday contributed to the yellow metal's decline.

Equities drifted lower again, hurt by some disappointing earnings news and on lingering worries about geopolitical tensions, trade war issues, the Brexit uncertainty and the Italian budget.

Gold futures for December ended down $5.70, or 0.5%, at $1,231.10. On Tuesday, gold futures rose by $12.20, or 1%, to $1,236.80 an ounce, the highest settlement since July 16.

Silver futures for December ended down $0.117, at $14.676 an ounce.

Copper futures for December settled at $2.7575 per pound, down $0.0005 from previous close.

In U.S. economic news, new home sales fell sharply by 5.5% to 553,000 in September, after having risen much more than expected in August.

Investors now await data on durable goods orders and unemployment claims, due on Thursday, for further direction.

The Federal Reserve is widely expected to raise interest rate by 25 basis points in December. The minutes of the central bank's September policy meeting revealed that the bank is in favor of a gradual rate hike. It is expected that there will be three increases in the coming year.