Gold futures rose after the dollar’s drop and crude oil’s rally boosted the appeal of the metal as a store of value.
The greenback fell as
much as 0.6 percent against a basket of 10 currencies. Oil in New York
topped $60 a barrel, and gasoline futures rose. Gold jumped as much as
1.1 percent before paring gains.
The metal has climbed
4.3 percent from this year’s low of $1,141.60 an ounce on March 17. The
dollar fell 2.9 percent in April, snapping a record nine-month rally.
The greenback dropped on Tuesday as bond yields outside the U.S.
advanced relative to Treasuries. Oil has jumped more than 40 percent
from the 2015 low.
Gold futures for June
delivery rose 0.6 percent to $1,190.60 at 10:09 a.m. on the Comex in New
York. Volume in all contracts was 12 percent above the 100-day average
for this time, according to data compiled by Bloomberg.
On Monday, holdings in
exchange-traded products backed by gold fell for the fourth straight
session to the lowest since Jan. 15, according to Bloomberg data.
Silver futures for
July delivery rose 0.4 percent to $16.385 an ounce. Earlier, the price
touched $16.12, the lowest for a most-active contract since May 1.
Source : Bloomberg
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