Gold extends declines for fifth day

Gold futures on the COMEX division of the New York Mercantile Exchange dropped for a fifth session on Tuesday, coming under pressure from a decline in oil prices.

The most active gold contract for December delivery lost 2.1 U. S. dollars, or 0.18 percent, to settle at 1,167.7 dollars per ounce.

Crude prices plunged Tuesday and the latest move down in the prices was prompted by reports that Saudi Arabia is cutting the price of oil that it supplies to the United States in a bid to maintain its market share as U.S. production booms.

Also keeping a cap on the price of gold is a report from U.S.- based polling firm Gallup which showed the Economic Confidence Index jumped to a monthly reading of minus 12 in October, the most positive score since July 2013.

However, on the supportive side, support for the U.S. dollar eased, keeping gold losses in check.

Silver for December delivery lost 24.8 cents, or 1.53 percent, to close at 15.953 dollars per ounce. Platinum for January delivery lost 18.1 dollars, or 1.46 percent, to close at 1,224.7 dollars per ounce.