Gold Rises First Day in Three as Dollar Falls
Source: MarketWatch, Moming Zhou (6/9/09)
"As the greenback turned around, 'bargain hunters helped lift gold.'"
Gold for August delivery rose $8.10, or 0.9%, to $960.80 an ounce on the Comex division of the New York Mercantile Exchange. The less active June contract also rose 0.9% to $959.80.
Gold ended Monday's trading at the lowest level in more than two weeks, pressured by a firmer dollar. As the greenback turned around, "bargain hunters helped lift gold," said James Moore, an analyst at TheBullionDesk.com.
Other precious metals also rose Tuesday. Silver for July delivery gained 27.5 cents, or 1.8%, to $15.23 an ounce. July platinum added $9.20, or 0.7%, to $1,253.20 an ounce, while the September contract for palladium gained $2.25, or 0.9%, to $254.25 an ounce.
Holdings in the SPDR Gold Trust (GLD), the biggest exchange-traded fund backed by gold, stood at 1,132.15 metric tons Monday, unchanged from the previous day, according to latest data from the fund.
Holdings in the iShare Silver Trust (SLV) , the biggest silver ETF, stood at 8,605.43 metric tons Monday, unchanged from a day ago.
In other metals, July copper rose 6.35 cents, or 2.8%, to $2.3165 a pound.
Copper inventories at the London Metal Exchange fell to 297,850 metric tons Monday, down 2,125 metric tons from the previous session and 91,150 metric tons from a month ago, according to data from the exchange.