Gold futures were treading water just below the $1,800 per ounce level on Tuesday as precious metals advanced, helped by a modest pullback in the U.S. dollar.
Price action
-
Gold prices due in February
GC00,
GCG23,
advanced $10.90, or 0.6%, to $1,785.20 per ounce on Comex. -
Silver prices due in March
SI00,
SIH23,
climbed 32 cents, or 1.4%, to $22.74 per ounce. -
March palladium prices
PAH23,
climbed $21.70, or 1.2%, to $1,883 per ounce, while platinum prices
PLF23,
fell $4.90, or 0.5%, to $1,002.60 per ounce. -
Copper prices for March
HGH23,
climbed 2 cents, or 0.6%, to $3.817 per pound.
Market drivers
Gold has seemingly hit a wall after a torrid six-week rally that carried it from just above $1,620 per ounce to, above $1,800. Still, gold bulls have been emboldened and some are making predictions for the yellow metal to top out as high as $3,000 per ounce.
While both gold and industrial metals like copper have advanced in recent days, some are worried that rising Treasury yields and a rebound in the dollar, driven by expectations for more interest rises by the Federal Reserve, could help to reverse some of those gains.
“Gold and copper are both in near-term up-trends but a renewed rally in the dollar, rebounding rates, and worries about the health of the global economy are risks to the near-term outlook,” said analysts at Sevens Report Research.
For now, at least, the dollar
DXY,
is trending lower, with the ICE U.S. Dollar Index off 0.3% at 104.96, just above its lowest level since late June.
Read More:Gold trades just below key $1,800 level as U.S. dollar softens
2022-12-06 13:02:00