Gold futures rose slightly Tuesday as the dollar pulled back from multi-month highs, but the precious metal still hovers near the lowest levels of the year.
June gold GCM8, +0.08% was up $3.70, or 0.3%, at $1,294.40 an ounce. That’s more than $10 up from the $1,281.20 it grazed at one point Monday, the lowest intraday level since December. July silver SIN8, +0.58% meanwhile, tacked on 10 cents, or 0.6% to $16.62 an ounce.
“The safe haven is still trading near the $1,290/ounce level, where it has remained stuck for a week now, showing little response to developments on the trade or geopolitical fronts,” said Marios Hadjikyriacos, a strategist with brokerage XM.
Gold continued to slog near chart lows, gathering little momentum from the still-swirling geopolitical factors around Iran oil, China trade and North Korea diplomacy. Focus instead has been on firmer dollar trading and the U.S.-favored interest-rate differential over other economic powerhouses. A light economic calendar on Tuesday keeps attention on Wednesday’s release of Federal Reserve monetary policy meeting minutes and any signals within those notes for the likelihood of a rate increase next month and beyond.
The benchmark index ...