Gold futures ended higher on Wednesday, extending gains to a fourth successive session, as traders continued to seek the safe haven investment after the dollar slid for a sixth straight day.
Traders were awaiting the release of the minutes of the Federal Reserve’s latest monetary policy meeting for clues on future rate hikes and the central bank’s views on growth outlook.
Traders were also looking ahead to the annual economic symposium at Jackson Hole, Wyoming on Friday for clues on rate hikes.
Gold futures for December ended up $3.30, or 0.3%, at $1,203.30 an ounce. On Tuesday, gold futures ended up $5.40, or 0.45%, at $1,200.00 an ounce.
Silver futures for September ended down $0.016, at $14.750 an ounce.
Copper futures for September settled at $2.6735 per pound, down $0.0220 from Tuesday’s close.
The dollar index eased to 94.90, losing about 0.25%.
Reports that U.S. President Donald Trump’s former personal lawyer Michael Cohen pleaded guilty to campaign finance violations and other charges and Trump’s former campaign chairman Paul Manafort was found guilty on five counts of tax fraud weighed on the riskier assets and prompted traders to seek the safe haven of the yellow metal.
Investors also looked ahead to the outcome of U.S.-China trade talks for near term direction.
In U.S. economic news, a report from the National Association of Realtors showed that existing home sales unexpectedly decreased in the month of July, dropping by 0.7% to an annual rate of 5.34 million, after falling by 0.6% in June. Economists had expected existing home sales to climb by 0.6% in the month.