Gold futures settle slightly higher despite stronger dollar

WASHINGTON (dpa-AFX) – Despite a stronger dollar, gold futures settled slightly higher on Tuesday amid weak holiday trading, amid expectations of some rate cuts in the first quarter of 2025 have increased demand for the safe haven asset.

The dollar index, which nearly fell below the flat line around mid-morning, recovered to 108.30, gaining about 0.25%.

Gold futures for December closed up $7.70, or nearly 0.3%, at $2,620.00 an ounce.

Silver futures for December rose $0.086, or about 0.29%, to $29.974 an ounce, while copper futures for December climbed to $4.0480 a pound , earning $0.0250 or 0.6%.

The Atlanta Fed maintained its estimate for U.S. economic growth for the fourth quarter at 3.1%, citing recent official data.

“After the preliminary report on sustainable manufacturing and the release of new home sales from the US Census Bureau, the nowcast for the growth of real gross domestic investment in the fourth quarter increased from 1.2% to 1 .3%,” the Atlanta Fed said.