Gold Futures Gain After a Volatile Session

Gold futures gained after a volatile session on Tuesday as investors shifted to less riskier assets on weaker US economic data. The gold futures contract for April delivery gained 0.4 percent or $6 to settle at $1,740.40 per ounce on the Comex division of the New York Mercantile Exchange. The respective contract touched its intraday high of 1,750.60 per ounce while advanced 11 percent for the month of January.

US economic data created uncertainty among investors making them taking more position in gold. US home prices fell 1.3 percent while the consumer also declined in the month of January. The dollar index DXY which tracks the US dollar’s movement versus its six major rivals gained to 79.294 as compared to 79.124 on Monday’s North American trading session. Despite stronger dollar which is negatively correlated with commodities the gold ended higher due high concerns over US economic data.

Among other base metals, silver futures contract for March delivery fell 0.8 percent or $0.27 to $33.26 per once while for the month of January the respective contract surged 19 percent. Copper futures for the same month delivery declined 1 percent or $0.04 to $3.79 per pound while gained 10 percent for the month.

Platinum futures contract for April delivery fell 1.7 percent or $28.20 to settle at $1,588.10 per ounce with appreciation of 13 percent of the month. Palladium futures for March delivery slipped 0.3 percent or $2.15 to $686.35 whereas gained 4.6 percent for the month.

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