(RTTNews) - 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.
