Copper declined because of economic concerns, while gold traded near $1,650

On Tuesday, gold prices were under pressure near important support levels as the dollar rallied from recent losses, while copper prices sustained recent drops amidst rising concerns about a slowdown in global economic growth.

Spot gold prices rose 0.2% to $1,652.10 per ounce by 19:23 ET, while December gold futures also rose 0.2%. (23:23 GMT). Gold prices decreased by 0.6% on Monday as the dollar recouped previous losses.

Despite increasing uncertainty surrounding the future course of U.S. monetary policy, gold and the U.S. dollar remained within the limited trading ranges recorded in the previous weeks. While forecasts of a probable dovish turn by the Federal Reserve boosted gold prices slightly last week, markets continue to price in a nearly 100 percent chance of a 75 basis point rate hike by the Fed in November.

After three consecutive days of decline, the dollar stabilized on Monday, as U.S. Treasury yields remained close to their highest levels since the 2008 financial crisis.

Rising U.S. interest rates weighed heavily on gold this year, as the prospective cost of holding the yellow metal rose. This year, gold's appeal as a safe haven and inflation hedge has diminished significantly.

In the foreseeable future, bullion prices are projected to be under pressure as a result of rising U.S. interest rates.

Copper prices were subdued on Tuesday after plummeting in the previous session, as a series of dismal economic indicators posted on Monday signaled a bleak outlook for global copper demand.

Copper futures stayed unchanged at $3.4325 per pound after falling 1.4% in the prior session.

Even though China's copper imports surged in September due to increasing infrastructure spending in recent months, markets remained cautious due to the country's recent political turmoil.

President Xi Jinping's consolidation of power at the National Congress sparked fears of a new assault on the country's wealthiest enterprises and businessmen, which precipitated a disastrous sell-off in Chinese markets.

China's third-quarter GDP figures beat analyst forecasts, but fell far short of the Communist Party's target.

Copper's outlook remains bleak as a result of Jinping's desire to maintain the economically damaging zero-COVID policy, which also fueled concerns about China's growth prospects.

Due to the worldwide economic slump, the red metal is also experiencing considerable difficulties. The economic superpower certainly contracted in the third quarter, according to weak data from the Eurozone.