Gold futures advanced on Tuesday with the most-active futures contract on track to settle above the $2,000 level for the sixth straight session as a softer U.S. dollar and lower Treasury yields lent a boost to the yellow metal.
Price action
-
Gold futures for June delivery
GC00,
+0.57% GCM23,
+0.57%
fell by $11.80, or 0.6%, to $2,015 per ounce on Comex. -
Silver futures for May delivery
SI00,
+0.49% SIK23,
+0.49%
gained 17 cents, or 0.7%, to $25.08 per ounce. -
June palladium
PAM23,
+1.80%
gained $20.40, or 1.4%, to $1,428 per ounce , while July platinum
PLN23,
+0.70%
rose by $4.10, or 0.4%, to $1,007 per ounce. -
Copper prices due in May
HGK23,
+1.07%
gained 3 cents, or 0.8%, to $4,007 per pound.
Market drivers
Several factors are helping to bolster gold and silver prices, including a weaker U.S. dollar, signs of cooling inflation in China, and commentary from the International Monetary Fund that higher interest rates are transitory, according to Jim Wyckoff, senior analyst at Kitco.com.
“Technically, the gold futures bulls have the solid overall near-term technical advantage,” Wyckoff said.
The ICE U.S. Dollar Index
DXY,
a gauge of the greenback’s strength against a basket of rivals, was down 0.4% at 102.
This post was originally published on Market Watch
