Gold futures settled higher Tuesday, as investors await fresh catalysts with the dollar turning lower against some major currencies while trading higher against the euro. Some sluggish global equity markets and physical buying of the precious metal in Asia also supported the uptick in gold prices.
Gold for April delivery, the most actively traded contract, gained $13.70 or 0.9 percent to close at $1,591.70 an ounce Tuesday on the Comex division of the New York Mercantile Exchange.Gold for April delivery scaled an intraday high of $1,597.60 and a low of $1,578.80 an ounce.
Yesterday, gold settled higher as the dollar weakened against a basket of major currencies, notwithstanding some upbeat jobs and employment data from the U.S. last week, with the Federal Reserve expected to continue support the economy through the year with monetary stimulus.
The dollar index, which tracks the U.S. unit against six major currencies, traded at 82.61 on Tuesday, down from 82.62 late Monday in North American trade. The dollar scaled a high of 82.79 intraday and a low of 82.41.
The euro traded lower against the dollar at $1.3022 on Tuesday, as compared to $1.3046 late Monday in North America. The euro scaled a high of $1.3073 intraday and a low of $1.2992.
In economic news from the eurozone, Germany’s EU harmonized inflation for February was confirmed at 1.8 percent, final data from the Federal Statistical Office showed. The annual rate eased marginally from 1.9 percent in January. The harmonized index of consumer prices gained 0.8 percent from the prior month, in line with flash estimate.
Meanwhile, U.K.’s industrial production declined unexpectedly by 1.2 percent month-on-month in January, reversing a 1.1 percent rise in December, the Office for National Statistics said Tuesday. Output was forecast to grow 0.1 percent. Similarly, manufacturing output slipped 1.5 percent, offsetting the 1.5 percent increase seen in December. Economists had forecast output to remain flat in January.
by RTT Staff Writer
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