Tuesday gold prices settled down as a halt in crude oil's climb dented its appeal...
Tuesday gold prices settled down as a halt in crude oil's climb dented its appeal as
a hedge against inflation.
Spot gold traded at $883.50/884.20 an ounce as of 0130 GMT, compared with $884.60/886.00 late on Monday in New York.
A lack of direction in the foreign exchange market kept most investors from trading gold actively.
The dollar steadied against the yen as investors eyed stock markets to see if they could continue buying risk assets, while awaiting U.S. data and comments from several Federal Reserve
officials later in the day.
U.S. crude oil futures fell below $124 per barrel, extending losses from New York trade as active profit-taking kicked in following surges to record highs in the past week.
NYMEX crude for June delivery fell 32 cents to $123.91 a barrel in Globex electronic trading. It had reached a fresh intraday record high of $126.40 on Monday.
Most active June gold futures contract GCM8 on COMEX division of New York Mercantile Exchange fell $1.3 to $883.6 an ounce.
Yen-based gold futures for distant April delivery on the Tokyo Commodity Exchange rose 16 yen a gram to 2,975 yen, helped by a fall in the yen versus the dollar.