Gold futures ended little changed Tuesday, kept in check by a rally in a global stocks and a strengthening dollar.
February
gold ended 30 cents, or less than 0.1%, lower at $1,068 an ounce. The
metal is on track for a 0.3% gain for December but remains down 9.8%
since the end of 2014. Gold was marginally higher earlier in the session
but succumbed to pressure from surging stocks which were underpinned by
a rebound in crude-oil prices.
Advances
by the greenback also helped limit the metal’s gains. A stronger buck
can make dollar-denominated assets like gold more expensive to buyers
using other monetary units.
Bearish
sentiment has continued to dominate the view on gold since the Federal
Reserve raised interest rates mid-December, making precious metals less
attractive to those investors seeking yield-bearing assets.
Other
metals on Comex advanced a day after slumping. March silver finished
4.4 cents, or 0.3%, higher at $13.93 an ounce. High-grade copper for
March delivery rose 5.8 cents, or 2.8%, to close at $2.1365 a pound,
January platinum advanced $10.40 an ounce, or 1.2%, to finish at $891.20
an ounce, and March palladium gained $4.40, or 0.8%, to settle at
$556.35 an ounce.
Source: MarketWatch
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