Gold eased on Tuesday as a raft of positive US housing and consumer confidence data lifted the dollar for a fifth straight session and reinforced expectations the Federal Reserve could rein in its monetary stimulus program in the next few months. Prices hit an intraday low of $1,271.31 per ounce following the robust consumer confidence and housing numbers.
Spot gold was down $5.93, or 0.46 percent, at $1,275.09 an ounce at 3:28 pm EDT (1928 GMT), off an earlier high of $1,288.80. It continued to underperform other precious metals, oil and copper. "Gold seems to have lost some of its bounce," Sharps Pixley chief executive Ross Norman said. "You're not seeing it push back much after selling. When we do get good news, the moves are tentative." Silver was down 0.46 percent at $19.56 an ounce. Spot platinum was up 1.52 percent at $1,348.75 an ounce, while spot palladium was up 0.7 percent at $663.72 an ounce.
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