RTTNews - The price of gold finished slightly higher amid choppy trading on Tuesday, adding to yesterday's mild gain. A stronger U.S. dollar limited the precious metal's advance.
Gold for December delivery finished at $956.50 per ounce, up $3 for the session. The metal reached as high as $958 and as low as $947.50 on the volatile trading day.
The U.S. dollar saw some strength against its European rivals as lower global stocks reduced risk appeal. The dollar hit near-term highs against both the euro and sterling.
Traders got ready for a string of big jobs reports. The ADP employment change report is expected at 8:15 a.m. ET tomorrow. Jobs are expected to fall 246,000 in August, compared to 371,000 in July. Initial jobless claims are due Thursday with the Labor Department monthly report expected on Friday.
Also due on Wednesday, productivity and costs data for the second quarter is planned for 8:30 a.m. ET. An increase of 6.1% is expected, compared to the 6.4% hike reported in the first quarter.
Factory orders data is expected at 10 a.m. ET. Orders are expected to rise 1.5% in July, compared to a 0.4% jump in June.
On Tuesday, the National Association of Realtors said its pending home sales index rose 3.2 percent to 97.6 in July from a reading of 94.6 in June. With the increase, which exceeded economist estimates of 1.5 percent growth, the index rose to its highest level since June of 2007.
The Institute for Supply Management said its manufacturing index jumped to 52.9 in August from 48.9 in July, with a reading above 50 indicating an expansion in the sector. With the increase, the index rose to its highest level since June of 2007.
And a Commerce Department report showed that construction spending fell 0.2 percent in July following a downwardly revised 0.1 percent increase in June. Economists had expected spending to fall 0.2 percent compared to the 0.3 percent increase originally reported for the previous month.
On Monday, gold rose to $954.90, up $1.40 on the session. Prices touched as high as $956.50 after hitting as low as $947.50.
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