(RTTNews) - Gold prices were basically flat on Tuesday after giving back earlier gains. The metal backed off its daily highs as the dollar recovered some recent losses versus other currencies.
December-stamped gold rose to $1,058.10, up 50 cents on the session. Prices reached as high as $1,066.20, compared to the non-inflation adjusted record of $1,072 reached last week.
The greenback gained against the euro after extending a 14-month low overnight. The dollar also climbed off of a five-week low against the sterling and moved to an 11-day high against the Canadian loonie.
In economic news, the U.S. Labor Department revealed that producer prices declined 0.6 percent in September. This followed an advance of 1.7 percent in the previous month. Economists were looking producer prices to slip by 0.3 percent.
A Commerce Department report showed that housing starts edged up 0.5 percent to an annual rate of 590,000 in September from the revised August estimate of 587,000. Economists had expected starts to rise to 610,000 from the 598,000 originally reported for the previous month.
On Wednesday, the Beige Book will be made public at 2 p.m. ET. Fed speak will also be in focus with Federal Reserve Gov. Daniel Tarullo, Richmond Federal Reserve Bank President Jeffrey Lacker and Boston Federal Reserve Bank President Eric Rosengren.
Source: forextv.com
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