Gold and silver prices were trading slightly higher on Tuesday as the U.S. dollar slipped, while industrial metals like copper suffered even as news of China lifting Covid restrictions to reopen its economy helped to lift other markets.
Price action
- Gold for February delivery
GCG23,
+1.55%
rose $12.30, or 0.7%, to $1,816 per ounce on Comex. - March silver
SIH23,
+1.59%
rose 38 cents, or 1.6%, to $24.33 per ounce. - March palladium
PAH23,
+5.23%
rose $46, or 2.7%, to $1,778 per ounce, while April platinum futures
PLJ23,
-0.57%
fell $1.90, or 0.2%, to $1,030 per ounce. - March copper
HGH23,
+2.22%
climbed 8 cents, or 2.2%, to $3.894 per pound.
Market drivers
Gold prices remain positioned just below their highest levels since June, and on track to surpass levels from earlier this month, as a rally in precious metals prices that began roughly six weeks ago looks poised to continue, market analysts said.
Whatever happens to prices of the yellow metal, it’s likely the direction of the greenback will play a crucial role, as it has since gold prices rallied to their highest levels of the year in March.
“Gold remains poised just under multimonth highs, and if the contrarian idea of a weaker dollar in 2023 comes to fruition (and there’s reason to believe it will) then gold will have a positive catalyst behind it as we start the new year,” said analysts at the Sevens Report.
The ICE U.S. Dollar Index
DXY,
a gauge of the dollar’s strength against a basket of its main rivals, was off 0.1% at 104.25. It has fallen 7% since the start of the fourth quarter.
Source: https://www.marketwatch.com/story/gold-prices-near-highest-levels-since-june-as-rally-stoked-by-weakening-dollar-continues-11672148983?siteid=yhoof2&yptr=yahoo