Gold on Tuesday atypically rose with a climbing U.S. dollar while silver and platinum fell. New York gold futures jumped 1.8% percent. Silver and platinum futures each declined 0.4 percent.
February crude-oil surged $2.23, or 6.1 percent, to close to $38.74 a barrel. The average price for regular unleaded gasoline increased one-tenth of a cent to $1.843 a gallon, according to AAA.
March silver lost 4 cents to close at $11.175 an ounce.
April platinum declined $4.00 to $949.30 an ounce.
Gold for February gained $15.30 to settle at $855.20 an ounce.
"More nervousness in gold as well as in other markets will surely be on tap for the next several sessions, and perhaps for months. While it was encouraging to record a day on which gold rose in tandem with its main rival (the dollar), the very long-term bear signal given in the wake of last October’s decline to $736 per ounce is (at least in the view of market technician Merv Burak) very much in place, so long as gold struggles under $925 per ounce," said senior analyst Jon Nadler at Kitco Bullion Dealers.
Gold, considered a hedge during times of high inflation and economic uncertainty, tends to follow oil and move opposite to the U.S. dollar. A rising greenback makes dollar-denominated commodities, like bullion, more expensive for holders of other world currencies.
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