Gold prices have continued to edge lower on Tuesday, extending a recent slide. The metal turned to the downside after a downwardly revised gross domestic product report was made public.
February-stamped gold fell to $1,090.10, down $5.90 on the session. Prices had earlier touched as high as $1,098.20.
A Commerce Department report showed GDP increased at a revised rate of 2.2 percent in the third quarter compared to the 2.8 percent growth that was reported last month. The downward revision came as a surprise to economists, who expected the pace of growth to be unrevised at 2.8 percent.
Existing home sales data for November is scheduled for release at 10 a.m. ET. A rise to 6.35 million is forecast, compared to 6.1 million a month earlier.
The dollar remained in a range with the euro near a three-month low close to the 1.4270 mark. The buck also edged down to a new two-month low against the pound.
Overall, gold has been dropping sharply on a resurgent dollar, that has reduced the metal's hedge appeal. The price of gold has lost more than $110 from the record highs reached earlier this month.
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May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.