US gold futures closed mostly unchanged on Tuesday as dealers were reluctant to take on fresh positions due to final April-June switching, even amid a slight rise in the euro, traders said. April delivery gold on the New York Mercantile Exchange's COMEX division ended at $426 an ounce, flat from Monday's close, after moving from $425.60 to $427.60. June futures, which will become the most-active contract by Wednesday, likewise finished flat at $428.60.
Speculative players have been rolling April positions into June gold before first notice day for April delivery on Thursday.
Scott Meyers, an analyst at Pioneer Futures, said gold appeared to be stalled in a trading band between $423 and $428 while awaiting direction after a recently resurgent dollar.
"Unless the euro kicks in and gets back above $1.30 I don't think we are going to see" numbers near $430 in gold, he said.
By midafternoon, the euro rose to $1.2930 from $1.2883 near gold's New York close on Monday. Dollar-priced gold often ticks higher when the US currency falls, as the metal becomes cheaper for traders overseas.
Traders saw little reaction in gold to London investors returning to the precious metals market on Tuesday from the Easter holiday.
"Scaled-down buying from physical sources is providing some support, but the dollar's recent rebound has created some nervous traders, indicating further pressure could be seen this week," James Moore at TheBullionDesk.com said in a daily note.
Barely any safe-haven support was noted either after an earthquake of magnitude 8.7 struck off the Indonesian island of Sumatra on Monday. More than 1,000 people were feared killed in the quake, which was based near Nias island.
Analysts have said that hanging over the market are concerns over whether the International Monetary Fund will sell or revalue some of its more than 100 million ounces of gold to help finance debt relief for poor countries. An IMF decision is seen possibly by next month.
In currencies, the dollar eased after a US consumer confidence report showed a reading of 102.4 for March, down from a revised 104.4 last month. Economists were expecting a dip to 103 for March.
Final fourth-quarter 2004 gross domestic product figures are due Wednesday and March nonfarm payrolls comes out on Friday.
Spot gold last priced at $425.65/6.40 an ounce, off from $425.90/6.60 in New York late Monday. The afternoon fix in London was $426.10.
May silver rose 7.2 cents to $6.982 an ounce, trading from $6.90 to $7.02.
Spot silver fetched $6.94/97 compared with $6.87/90 on Monday. It fixed at $6.92. April platinum closed up $1.20 at $862.20 an ounce. Next active July gained $1 to $861. Spot platinum traded at $859/864.
June palladium settled up $1.35 at $195.45 an ounce. Spot palladium was quoted at $191/196.