Precious metals recovered Tuesday with gold gaining for the first time in four days despite a rising U.S. dollar and falling oil prices. Oil dropped below $50 a barrel. U.S. stocks retreated for the second day following a four-week gain.
For the daily The New York bullion trading futures numbers:
May silver gained 10 cents, or 0.8 percent, to $12.21 an ounce.
Gold for June climbed $10.50, or 1.2 percent, to $883.30 an ounce.
- April platinum rose $22.80, or 2.0 percent, to $1,167.80 an ounce.
"Gold prices were hard at work on Tuesday, and managed to recapture about 1.25% in value," wrote Jon Nadler, senior analyst at Kitco Bullion Dealers. "Most of today’s gains were the result of a combination of bargain hunters, specs buying on the heels of perceived oversold conditions, and jitters related to US earning season getting underway."
In spot trading, the London benchmark for afternoon gold-fixing stood at $879.75 an ounce. The London market for silver and platinum ended at $12.17 and $1,161.00, respectively.
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.
Oil and gasoline prices
Crude-oil prices fell the third straight day. Oil lost $1.90, or 3.7%, to $49.15 a barrel. For consumers, gasoline prices at the pump moved higher. AAA said the average price for unleaded gasoline was up by one-tenth of a penny to $2.040 a gallon.
U.S. stocks retreated for the second consecutive day as investors wait in concern for first quarter results.The Dow Jones industrial average lost 186.29 points, or 2.34 percent, to 7,789.56. The S&P 500 dropped 19.93 points, or 2.39 percent, at 815.55. The Nasdaq Composite fell 45.10 points, or 2.81 percent, to 1,561.61.