U.S. gold futures rose modestly among other precious metals on Tuesday
U.S. gold futures rose modestly among other precious metals on Tuesday, bouncing from technically oversold levels hit
previously, dealers said.
June contract gold climbed 50 cents to $419.80 an ounce, after trading from $419.20 to $421.50 on the New York Mercantile Exchange's Comex division.
Gold previously had closed at its lowest mark since early February at about $419, hit by fund selling, triggered by the strong US dollar.
Gold?s correlation with the euro/dollar continues to give the market direction TheBullionDesk.com analysts said. They added that physical buying also offered bullion strong support at around the $418-420 level.
"The greatest risk remains to the downside though, with further fund liquidation a potential catalyst to retest the $410 lows seen in February," they said in a research note.
Spot gold priced at $419.80/420.50 an ounce, above the last New York close near $419.00/9.75. Tuesday's afternoon London fix was at $420.