Comex gold futures put in a low key consolidatory session Tuesday
Comex gold futures put in a low key consolidatory session Tuesday and forged a narrow 'inside day' wherein prices held within the previous day's trading range, Dow Jones reports.
The most active June gold contract settled 60 cents higher at $426.60 per ounce.
Dealers said the quiet session largely reflected the low-key tone of the
dollar versus its major rivals through the day, and offered players in the
bullion market a chance to let the dust settle following the price retreat seen
in gold over the past few days.
Since Friday, June gold has dropped more than $6 an ounce from a high of
$431.50 to a low of $424.70.
The turn higher in the U.S. dollar was deemed the main source of the selling
pressure, spurring speculators to curb exposure to dollar-alternatives and
muting demand for dollar-priced commodities in general.