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Gold Futures Hit Another New Closing High

Gold sparkled again, with prices soaring to another record high on Tuesday on continued safe-haven demand amid surging coronavirus cases and optimism about additional stimulus measures from the U.S. government and the Federal Reserve.

Data showing a decline in U.S. consumer confidence in the month of July contributed as well to gold's uptick.

The dollar index, which fell after a positive spell early on in the session, was up marginally at 93.70 by mid afternoon.

Gold futures for August ended higher by $13.60 or about 0.7% at $1,944.60 an ounce, after hitting a new intra-day high of $1,974.70.

Silver futures for September ended down $0.201 or 0.8% at $24.300 an ounce, well off the session's of $26.275 an ounce. That was also the futures' highest level since April 2013.

Copper futures for September settled at $2.9175 per pound, gaining $0.0200.

According to a report from the Conference Board, consumer confidence in the U.S. deteriorated by more than expected in the month of July, after showing a substantial improvement in the previous month.

The Conference Board said its consumer confidence index slumped to 92.6 in July after jumping to an upwardly revised 98.3 in June. Economists had expected the consumer confidence index to pull back to 95.7 from the 98.1 originally reported for the previous month.

The bigger than expected drop by the headline index came as consumers grew less optimistic about the short-term outlook for the economy, with the expectations index tumbling to 91.5 in July from 106.1 in June.

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