Gold in New York trimmed early losses to trade slightly firmer early on Tuesday, tracking moves in the dollar and crude oil as the precious metal otherwise stayed stuck within a recent trading range.
April delivery gold on the New York Mercantile Exchange's COMEX division was up 10 cents at $547.60 an ounce by 10:29 am EST, dealing from $543.50 to a high of $548.10.
Gold prices rose from lower levels as the dollar eased on soft US economic data by midmorning. Gold often has an inverse correlation to the dollar's moves as some currency traders use the metal as a dollar hedge.
Expectations of higher US interest rates down the road are supporting the greenback and pressuring gold, however, dealers said.
Technicians pegged first key resistance in COMEX April futures at the 50-day moving average of $555.60 and support at the two-month low hit Friday at $534.50.
Strong chart support in the yellow metal at $535 an ounce, and expectations of greater consumer interest below the market, were helping underpin prices, though the market remained at risk of speculative liquidation, trading sources said.
TheBullionDesk.com said prices could slip back toward $500 to $495, if such heavy selling develops.
COMEX gold rose to a 25-year high of $579.50 on February 2. Spot gold was quoted at $546.30/547.20 an ounce, against Monday's late quote in New York at $546.10/547.00. Tuesday's London afternoon fix was at $545.80.
COMEX May silver was up 0.8 cent at $10.1650 an ounce, in a range of $10.0750 to $10.18. Spot silver traded at $10.19/10.22 an ounce, versus $10.12/10.15 previously. The fix reached $10.0650.
On the board at NYMEX, April platinum was up 70 cents at $1,023.80 an ounce. Spot platinum inched up to $1,019/23. Illiquid June palladium rose $4 at $304.90 an ounce, while spot palladium was worth $301/305.
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