Precious metals shifted slightly lower Tuesday while crude and U.S. stocks reversed from Monday’s course and marked gains.
In New York trading futures for bullion:
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Silver for May delivery fell 4.5 cents, or 0.4 percent, to $12.06 an ounce.
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Gold for June lost $4.80, or 0.5 percent, to $882.70 an ounce.
- July platinum slumped $9.50, or 1.4 percent, to $1,157.60 an ounce.
"We’ve seen a bit of a disappointing day for gold. The fact that we failed in front of $900 is a bit of a bear signal and I wouldn’t be surprised if we saw another move lower," James Moore, analyst at TheBullionDesk.com, was quoted on Reuters.
In spot bullion, the benchmark London gold fix price stood at $888.75, or $11.75 higher than Monday. Silver gained 8 cents to $12.14. Platinum was fixed $22.00 lower to $1,158.00.
Gold, considered a hedge during times of high inflation and economic uncertainty, tends to follow oil and move opposite to the U.S. dollar. A rising greenback makes dollar-denominated commodities, like bullion, more expensive for holders of other world currencies.
Oil and gasoline prices
Crude-oil on Monday tumbled, setting the biggest one-day drop in seven weeks. On Tuesday, oil ended on a positive note, rising 63 cents, or 1.4 percent, to $46.51 a barrel.
Consumers had to pay two-tenths of a cent more at the pump, according to AAA. The national average for unleaded gasoline was $2.06 a gallon, which is one cent higher than a week ago.
U.S. Stocks
U.S. stocks moved back into plus territory following Monday’s hard fall. The Dow Jones industrial average climbed 127.83 points, or 1.63 percent, to 7,969.56. The S&P 500 index rose 17.69 points, or 2.13 percent, to 850.08. The Nasdaq Composite gained 35.64 points, or 2.22 percent, at 1,643.85.
Check out additional market resources at Live Bullion Spots, the Silver Coin Melt Calculator, U.S. Mint Collector Bullion Price Guide, and the Inflation Calculator.
