Gold Closes Modestly Lower Amid Rally On Wall Street

(RTTNews) - The price of gold fluctuated over the course of the trading session on Tuesday before ending the day slightly lower.

Gold for August delivery edged down $1.80 or 0.1 percent to $1,838.80 an ounce after hitting a high of $1848.40 an ounce and a low of $1,832.70 an ounce.

The modest decrease by the price of the precious metal came as a rally on Wall Street reduced the appeal of the safe haven commodity.

However, selling pressure remained relatively subdued amid a decrease in the value of the dollar, with the U.S. dollar index slipping by 0.3 percent.

In U.S. economic news, the National Association of Realtors released a report showing another steep drop in U.S. existing home sales in the month of May.

NAR said existing home sales plunged by 3.4 percent to an annual rate of 5.41 million in May after slumping by 2.6 percent to a revised rate of 5.60 million in April.

Economists had expected existing home sales to tumble by 3.7 percent to a rate of 5.40 million from the 5.61 million originally reported for the previous month.