Updated from 11:40 a.m. EST with settlement prices
NEW YORK (
Gold for December delivery lost $7.30 to settle at $1,742.30 an ounce at the Comex division of the New York Mercantile Exchange. The
"Consumer confidence was up slightly ... combined with the Greece deal ... that is a nice coordinated effort that does move the ball a little bit further towards a final resolution of Greece," said Jeffrey Wright, managing director of metals and mining at Global Hunter Securities.The Census Bureau reported Tuesday that durable goods orders were unchanged in October, while the S&P Case-Shiller 20-city home price index gained 3% year over year in September. The Conference Board's consumer confidence report for November on Tuesday showed an increase to 73.7, which was better than the 73 index level a consensus of economists expected. Improving U.S. data could suggest overall economic health with the prospect of strengthening growth in the near term, which would make gold -- typically a safe-haven investment to hedge against inflation, a weakening dollar or flagging financial conditions -- less of an appealing play. The greatly anticipated action by the eurozone to reach an agreement on a bailout deal for Greece finally came to fruition as finance ministers concurred that steps to make that country's debt more manageable included cutting interest rates on bailout loans and extending the deadlines on loan repayments and Greek bond buybacks. The news of Greece's bailout, though, didn't seem to be enough to calm investors' nerves as the euro slumped against the U.S. dollar. The euro was dipping to $1.2934 against the greenback from the prior day's close at $1.2972. The
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