Gold finished higher Tuesday for the first time in three sessions as the U.S. dollar showed weakness against global currencies. The yellow metal tends to move opposite of the dollar. Silver and platinum rose as well. Crude-oil finished above $70 a barrel for the first time since November. U.S. stocks were mixed.
In New York trading futures for bullion:
Silver for July delivery rose 18.5 cents, or 1.2 percent, to $15.14 an ounce. It reached a low of $14.75 and a high of $15.345.
Gold for August gained $2.20, or 0.2 percent, to $954.70 an ounce. The metal ranged from $948.30 to $964.50.
- July platinum climbed $13.90, or 1.1 percent, to $1,257.90 an ounce.
"Metal market fundamentals are not showing signs of dramatic change, so investors are more focused on movements of the dollar and oil prices," analysts led by Alex Heath at RBC Capital Markets were quoted on MarketWatch.
In spot bullion, the benchmark London gold fix price rose $12.25 to $956.00 an ounce. Silver gained 9 cents to $14.93 an ounce. Platinum was fixed $20.00 higher to $1,246.00.
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
Oil prices rose Tuesday, "lifted by weakness in the dollar and Energy Department forecasts of higher fuel prices," according to Polya Lesova and Nick Godt of MarketWatch. New York crude-oil for July delivery surged $1.92, or 2.8 percent, to $70.01 barrel.
Meanwhile, AAA said the national average for unleaded gasoline remained unchanged from Monday. The average price at the pump is $2.619 per gallon, which is 9.4 cents higher than a week ago and 40.6 cents higher than last month.
U.S. ended mixed on Tuesday. The Dow Jones industrial average fell 1.43 points, or 0.02 percent, to 8,763.06. The S&P 500 Index gained 3.29 points, or 0.35 percent, to 942.43. The Nasdaq Composite Index rose 17.73 points, or 0.96 percent, to 1,860.13.