Equities have been caught in a tight trading range over the past week, and that’s just fine for gold, which rose on Tuesday for the third time in four sessions.
Gold for December delivery GCZ4, +1.13% advanced $2.40 to $1,185.90 an ounce. December silver SIZ4, +1.48% tacked on 2 cents to $16.08 an ounce.
A day earlier, gold prices failed to defend back-to-back gains, feeling the weight of declining institutional demand for the precious metal.
Edward Meir of INTL FCStone warned investors not to get too upbeat about gold’s prospects despite the metal’s recent signs of life.
“The dollar and U.S. equity rallies still have more room to run and … gold will therefore find it increasingly difficult to withstand these headwinds going forward,” Meir said, adding that he doesn’t believe further escalation of the Russian/Ukrainian crisis will help gold prices.
In other metals action, January platinum PLF5, +0.84% added 90 cents to $1,202.20 an ounce, while December palladium PAZ4, +0.36% shed 30 cents to $768.40 an ounce.
High-grade copper for December delivery HGZ4, -0.10% lost a penny to $3.03 a pound.
Source: MarketWatch
