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Gold prices moved up north on Tuesday, extending gains to a sixth straight session with investors continuing to pick up the safe-haven asset amid persisting tensions in the Middle East, economic uncertainties, and optimism over further monetary easing by global central banks.
A somewhat subdued U.S. dollar contributed as well to the yellow metal's rise.
The dollar index, which dropped to 103.82 in the Asian session, recovered to 104.05 in the New York session, recording a marginal gain.
Gold futures for October closed up $21.10 or about 0.77% at $2,744.20 an ounce. With today's surge, gold futures have gained about 3.65% over the last six sessions.
Silver futures for October settled at $34.831 an ounce, gaining $0.962 or about 2.85%, closing higher for the third consecutive session.
Copper futures for October climbed to $4.3500 per pound, gaining $0.0270.
Bullion is seeing safe-haven demand due to the worsening conflict in the Middle East and uncertainty around the approaching U.S. election.
U.S. Secretary of State Antony Blinken arrived in Israel to revive Gaza ceasefire talks following the death of Hamas leader Yahya Sinwar, but any breakthrough looks elusive.
Israel is accelerating military operations to push Hezbollah away from its northern border while thrusting into Gaza's densely packed Jabalia refugee camp in an attempt to seal off northern Gaza from the rest of the enclave.
With about two weeks left before the U.S. presidential election, Treasury yields remained elevated on concerns about the path of the U.S. deficit regardless of which candidate wins the race for the White House.
According to the CME FedWatch Tool, the chances of a 25-basis point December Fed rate cut dropped from 76.8% to 64.8% over the previous week.
