Gold prices edged higher on Tuesday as worries about the banking sector eased following back-to-back losses.
Price action
-
Gold futures for April delivery
GC00,
+0.58% GCJ23,
+0.58%
gained $4.60, or 0.2%, to $1,958 per ounce on Comex. -
Silver futures for May delivery
SI00,
+0.82% SIK23,
+0.82%
rose by 4 cents, or 0.2%, to $23.20 per ounce. -
Palladium futures for June delivery
PAM23,
+0.78%
gained $6.40, or 0.5%, to $1,410 per ounce, while platinum futures for July delivery
PLN23,
-0.50%
fell by $5.80, or 0.6%, to $976.70 per ounce. -
Copper futures for May
HGK23,
-0.15%
delivery declined by 1 cent, or 0.1%, to $4.07 per pound.
Market drivers
Easing worries about a banking crisis in the U.S. and Europe caused gold to reverse some of its gains from recent weeks, precious-metals analysts said.
“Gold is treading water so far today after pulling back strongly again at the start of the week. Risk appetite has improved and yields are rising so naturally, gold is giving back some of the banking panic gains it accumulated over the last few weeks,” said Craig Erlam, senior market analyst at OANDA.
