COMEX gold climbed to $2,630 in thin holiday trading, as traders evaluated the Federal Reserve’s projections for the coming year, factoring in expectations of a slower pace of rate cuts.
WTI crude oil remains steady near $70 per barrel, with markets watching a strengthening dollar and geopolitical tensions fueled by President-elect Donald Trump's aggressive stance, including threats to seize the Panama Canal and impose stricter sanctions and tariffs that could disrupt oil flows.
New orders for key US manufactured capital goods surged in November, alongside a rebound in new home sales, signaling that the U.S. economy is maintaining strong momentum as the year draws to a close.
Base metals on the LME traded higher on Tuesday, albeit within narrow ranges, as a stronger dollar buoyed by the likelihood of prolonged higher US interest rates capped further gains.
With a light data schedule ahead, market focus shifts to the US Richmond Manufacturing Index.
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