Gold futures end lower for second straight session

Gold futures on the COMEX division of the New York Mercantile Exchange ended lower for second straight session on Tuesday, as investors turned to technical selling.

A significant drop in gold demand for the Hindu festival of lights known as Diwali, which saw its major celebrations over the weekend, was among the reasons for weakness in gold, traders said.

The most active gold contract for December delivery was down 5.1 U.S. dollars, or 0.34 percent, to close at 1,490.7 dollars per ounce.

However, the decline of the bullion was limited by a weaker greenback. The U.S. dollar index, which measures the buck against six rivals, went down 0.05 percent to 97.71 as of 1730 GMT.

Gold usually moves in opposite directions with the U.S. dollar, which means if the dollar goes strong, gold futures will fall as gold, priced in U.S. dollar, becomes expensive for investors using other currencies.

As for other precious metals, silver for December delivery was down 4.5 cents, or 0.25 percent to close at 17.831 dollars per ounce. Platinum for January delivery was up 6.1 dollars, or 0.66 percent, to settle at 925.1 dollars per ounce. Enditem