Steel sheet market calm in US; cost-push on prices persists

Gold futures on the COMEX division of the New York Mercantile Exchange fell on Tuesday as one gauge of the U.S. dollar briefly flirted with a fresh 52-week high amid upbeat U.S. economic data.

The most active gold contract for February delivery fell 3 U.S. dollars, or 0.25 percent, to settle at 1,190.80 dollars per ounce.

The precious metal was put under extensive pressure as the U.S. Department of Commerce released its gross domestic product report on Tuesday showing 3.2 percent growth during the third quarter of 2016.

Analysts note the figure was on the high end of consensus and gave encouragement to investors who continued to look forward to a rate hike from the U.S. central bank in December.

Investors believe the Fed may raise rates from 0.50 to 0.75 during the December FOMC meeting. According to the CME Group' s Fedwatch tool, the current implied probability of a hike from 0.50 to at least 0.75 is at 96 percent at the December meeting and 95 percent for the February meeting.

Gold was put under further pressure as the U.S. dollar spent most of the day near a 52-week high, a key technical barrier which dampened safe haven demand for the precious metal.

By the end of the trading day, the U.S. Dollar Index had fallen by 0.18 percent to 100.98 as of 1945 GMT but the day-long strength outweighed the trading near the close of the market.

The index is a measure of the dollar against a basket of major currencies. Gold and the dollar typically move in opposite directions, which means if the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors.

Silver for March delivery added 6.5 cents, or 0.39 percent, to close at 16.74 dollars per ounce. Platinum for January delivery dropped 2 dollars, or 0.22 percent, to close at 921.30 dollars per ounce.