Gold futures on the COMEX Division of the New York Mercantile Exchange ended a tad lower on Tuesday, as investors awaited a key speech from U.S. Federal Reserve Chairman Ben Bernanke following a run of weak economic news.
The most active gold contract for August delivery lost 3.2 dollars, or 0.2 percent, to 1,544 dollars per ounce.
A trader mentioned that a raft of underwhelming economic indicators out of the United States last week have fed into higher expectations that the Fed will retain its super-low monetary policy for much longer than previously estimated, as the Fed's latest program to buy 600 billion dollars in Treasuries, known as QE2, is set to expire at the end of this month.
As a result, the statements from the Fed chairman attracted considerable attention in the marketplace, as the latest string of weak economic data fueled fears over a U.S. economic slowdown.
Gold lost some steam as most investors took a wait-and-see stance ahead of Bernanke's speech. The weak dollar failed to garner support for gold.
"Traders and investors alike seem to be waiting on economic data before they select their trading strategies," said Mike Daly, a gold specialist with PFGbest here in Chicago. "Obviously Mr. Bernanke's words could certainly move these markets."
Silver for July delivery rose 26.4 cents, or 0.7 percent, to 37. 046 dollars per ounce.
The most active gold contract for August delivery lost 3.2 dollars, or 0.2 percent, to 1,544 dollars per ounce.
A trader mentioned that a raft of underwhelming economic indicators out of the United States last week have fed into higher expectations that the Fed will retain its super-low monetary policy for much longer than previously estimated, as the Fed's latest program to buy 600 billion dollars in Treasuries, known as QE2, is set to expire at the end of this month.
As a result, the statements from the Fed chairman attracted considerable attention in the marketplace, as the latest string of weak economic data fueled fears over a U.S. economic slowdown.
Gold lost some steam as most investors took a wait-and-see stance ahead of Bernanke's speech. The weak dollar failed to garner support for gold.
Silver for July delivery rose 26.4 cents, or 0.7 percent, to 37. 046 dollars per ounce.