Gold dips after strong US consumer confidence data

Gold futures on the COMEX division of the New York Mercantile Exchange fell on Tuesday, as traders weighed a possible interest rate hike after data showed strong U.S. consumer confidence.

The most active gold contract for August delivery fell 5 U.S. dollars, or 0.38 percent, to 1,298.3 dollars per ounce.

U.S. consumer confidence advanced to 90.9 in July, its highest level since October 2007, from a revised 86.4 in June, the New York-based research group Conference Board said Tuesday. The positive figure underlined optimism over the economic outlook.

Traders now shifted their focus on the economic reports due out later this week, and the upcoming policy meeting of U.S. Federal Reserve.

Silver for September delivery gained 1.6 cents, or 0.08 percent, to 20.583 dollars per ounce. Platinum for October delivery lost 6. 1 dollars, or 0.41 percent, to 1,484.5 dollars per ounce.