Tuesday there was a slight grow in gold futures, as investors bought the yellow metal as an insurance against inflation after crude oil soared to the news highs, though strength in the U.S. dollar capped gains in gold.
Gold for the delivery in June ended up $3.30, or 0.4%, to $932 an ounce on the Nymex. Earlier it rose to a day’s high of $939.80.
Crude-oil futures hit a record high of $113.93 a barrel on Tuesday. See Futures Movers.
Mark O'Byrne, executive director at Gold and Silver Investments Limited noted that surging (oil) to a near record price today, gold's role as a hedge against inflation will likely see it supported at $900 and again challenge resistance at $950 in the coming days.
Also on the Nymex, May silver futures rose 6 cents at $17.85 an ounce, while July platinum gained $4.50 to $1,986 an ounce.
June palladium dropped $9.05 to $453.75 an ounce and May copper futures edged 3.75 cents lower to $3.859 a pound.
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Where Oil There Gold
Tuesday there was a slight grow in gold futures, as investors bought the yellow metal as an insurance against inflation after crude oil soared to the news highs, though strength in the U.S. dollar capped gains in gold
