Precious metals shifted slightly lower Tuesday while crude and U.S. stocks reversed from Monday’s course and marked gains.
In New York trading futures for bullion:
Silver for May delivery fell 4.5 cents, or 0.4 percent, to $12.06 an ounce.
Gold for June lost $4.80, or 0.5 percent, to $882.70 an ounce.
- July platinum slumped $9.50, or 1.4 percent, to $1,157.60 an ounce.
"We’ve seen a bit of a disappointing day for gold. The fact that we failed in front of $900 is a bit of a bear signal and I wouldn’t be surprised if we saw another move lower," James Moore, analyst at TheBullionDesk.com, was quoted on Reuters.
In spot bullion, the benchmark London gold fix price stood at $888.75, or $11.75 higher than Monday. Silver gained 8 cents to $12.14. Platinum was fixed $22.00 lower to $1,158.00.
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 on Monday tumbled, setting the biggest one-day drop in seven weeks. On Tuesday, oil ended on a positive note, rising 63 cents, or 1.4 percent, to $46.51 a barrel.
Consumers had to pay two-tenths of a cent more at the pump, according to AAA. The national average for unleaded gasoline was $2.06 a gallon, which is one cent higher than a week ago.
U.S. stocks moved back into plus territory following Monday’s hard fall. The Dow Jones industrial average climbed 127.83 points, or 1.63 percent, to 7,969.56. The S&P 500 index rose 17.69 points, or 2.13 percent, to 850.08. The Nasdaq Composite gained 35.64 points, or 2.22 percent, at 1,643.85.