Gold, oil futures both extend losses 

(MENAFN - ProactiveInvestors - Australia) Gold futures extended their losses Tuesday after losing some safe haven appeal, as US consumer confidence rose to a four-and-a-half year high in November, and the debt deal in Greece provided some relief.

Gold for December delivery fell 7.30, or 0.4%, to settle at 1,742.30 an ounce on the Comex division of the New York Mercantile Exchange. A stronger U.S. dollar also hurt the yellow metal.

In the third meeting in as many weeks, eurozone officials finally agreed late Monday on the release of the next tranche of aid money to Greece, which involves a package of measures to reduce its debt by 40 billion euros. The deal includes lower interest rates for the country, and more time for it to repay its bailout loans.

Meanwhile, in some upbeat U.S. economic data, the Conference Board said its consumer confidence index rose to 73.7 in November from 73.1 in October. That's above the 72.2 level forecast by economists and the best level since February 2008. The October reading was upwardly revised from 72.2.

But attention in North America turned to Congress, with lawmakers under pressure to reach a budget deal to avert the host of tax hikes and spending cuts set to take effect in the new year.

The Organization for Economic Cooperation and Development warned early this morning that if the U.S. fails to resolve the fiscal cliff issue, the global economy could fall back into recession. It expects growth across the OECD region of 1.4% in 2012 and 2013.

Of the three major recessions that have hit the global economy since the 1970s, recovery from the one that hit in 2008 has not been up to par, according to the thinktank.

These global growth worries impacted crude futures, as January crude oil fell 56 cents, or 0.6%, to close at 87.18 a barrel on the New York Mercantile Exchange.