03.08.202118:35:00UTC+00Gold Prices Move Back To The Downside

Gold prices moved back to the downside during trading on Tuesday, more than offsetting the uptick seen in the previous session.

Gold for December delivery fell $8.10 or 0.4 percent to $1,816.10 an ounce after rising $5 or 0.3 percent to $1,822.20 an ounce on Monday.

A slight increase in the value of the U.S. dollar may have weighed on the price of gold along with news of increased Covid-19 vaccinations in the U.S.

Data published by the Centers for Disease Control and Prevention showed 70 percent of U.S. adults have received at least one dose of a coronavirus vaccine.

The increase in vaccinations comes amid the rapid spread of the delta variant of the coronavirus, which has led to renewed lockdowns in some parts of the world.

CDC recently revised its guidance to recommend that people vaccinated for the coronavirus resume wearing masks indoors in areas of substantial or high transmission, particularly the South and West.

Meanwhile, the Commerce Department released a report showing new orders for U.S. manufactured goods jumped more than expected in the month of June.

The Commerce Department said factory orders shot up by 1.5 percent in June after surging by an upwardly revised 2.3 percent in May.

Economists had expected factory orders to increase by 1.0 percent compared to the 1.7 percent jump originally reported for the previous month.