Investing.com - Investing.com - Gold futures rose on Tuesday as investors sold the dollar for profits, while U.S.-led air strikes in Syria fueled safe-haven demand for the precious metal.
Gold and the greenback tend to trade inversely with one another.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,222.20 a troy ounce during U.S. trading, up 0.35%, up from a session low of $1,214.70 and off a high of $1,235.60.
The December contract settled up 0.11% at $1,217.90 on Monday.
Futures were likely to find support at $1,208.80 a troy ounce, Monday's low, and resistance at $1,243.20, last Tuesday's high.
Profit taking sent the dollar edging lower on Monday, wiping out a rally stemming from expectations for U.S. monetary policy to grow less accommodative at a time when European and Japanese monetary authorities take steps to loosen.
Markit Economics reported earlier that its preliminary U.S. manufacturing purchasing managers' index came in at 57.9 in September, unchanged from August and the highest since April 2010 though shy of market calls for a 58.0 reading, which allowed the dollar to take a break from its rally.
A separate report showed that the Federal Reserve Bank of Richmond's monthly manufacturing index rose to 14 this month from 12 in August, defying market forecasts for a decline to 10, which cushioned the dollar and capped gold's gains.
Events in the Middle East fueled gold's appeal as a safe haven to geopolitical tensions.
U.S.-led airstrikes in Syria involving five Arab nations targeting ISIS positions gave the yellow metal a boost in afternoon trading.
Gains were somewhat limited on perceptions that the days of ultra-loose U.S. monetary policies that have supported gold since the 2008 financial crisis are coming to an end.
In October, the Federal Reserve is expected to close its monthly bond-buying program and then begin raising benchmark interest rates some time in 2015.
Meanwhile, silver for December delivery was up 0.02% at $17.778 a troy ounce, while copper futures for December delivery were down 0.11% at $3.035 a pound.
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