Gold futures for December delivery gained 0.4 percent to settle at $1,346.70 an ounce at 1:39 p.m. on the Comex in New York, after slipping 1.9 percent in the previous two sessions. On Monday, prices touched $1,335.30, the lowest since July 29.
Gold prices ended the U.S. day session higher and nearer the daily high Tuesday. A lower U.S. dollar index prompted some short covering in the gold futures market and some bargain hunting in the cash gold market. December Comex gold was last up $4.70 an ounce at $1,346.00. September Comex silver was last up $0.045 at$19.85 an ounce.
A weaker-than-expected second-quarter U.S. productivity report pressured the U.S. dollar index today, which in turn helped to lift the precious metals up from their daily lows. Second-quarter productivity in the U.S. declined by 0.5%--for the third consecutive quarter of declines and the longest decline streak since 1979. This report falls into the camp of the U.S. monetary policy doves, who do not want to see U.S. interest rates rise any time soon.
Reference: Kitco, Bloomberg
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