US gold futures were mostly flat early Tuesday with a lower bias as a resilient dollar and chart-based weakness prompted investors to sell the metal. December gold down $2.10 at $944.80 an ounce at 10:10 am EDT (1410 GMT) on the COMEX division of the New York Mercantile Exchange. Ranging from $951.90 to $943.60 an ounce - the lowest price since July 31.
Gold weakened as dollar held ground following a strong rally last Friday, boosted by strong US jobs data. Strength in the dollar and bearish technical action in precious metals last week will continue to pressure prices, said Tom Pawlicki, precious metals and energy analyst at MF Global.
Over the last several months, gold has benefited as a hedge against a weakening dollar as investors turned to risky assets such as stocks and away from safe-haven US bonds amid growing economic optimism. Gold/oil ratio at 13.64, higher than 13.36 from the previous session. COMEX estimated 10 am gold volume at a light 29,784 lots.
Spot gold at $942.55 an ounce, compared with $944.65 an ounce in late New York business on Monday. London afternoon gold fix at $942.75 an ounce. September silver down 7.5 cents at $14.280 an ounce, tracking gold's decline. Ranging from $14.235 to $14.480 an ounce. COMEX estimated 10 am silver volume at 12,619 lots. Spot silver was at $14.25 an ounce versus $14.30 an ounce in Monday's late quote. London silver fix at $14.355 an ounce.
October platinum down $8 at $1,242.90 an ounce as easing worries about labour actions in top producer South Africa provided selling pressure. The chief negotiator from South Africa's biggest union said on Monday he did not see an imminent strike at state power firm Eskom, which has offered an increased 10.5 percent wage rise. Spot platinum at $1,236 versus $1,243.50. September palladium down $2.20 at $274.40 an ounce, tracking platinum's weakness. Spot palladium at $270, against its previous finish of $272.
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