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Gold prices were trading lower again on Tuesday after eking out a modest gain a day earlier.
Price action
-
Gold futures for June delivery
GC00,
-0.71% GCM23,
-0.71%
declined by $12, or 0.6%, at $2,010 per ounce on Comex. -
July silver
SI00,
-1.47% SIN23,
-1.47%
shed 34 cents, or 1.4%, to $23.96 per ounce. -
June palladium
PAM23,
-1.00%
shed $22, or 1.5%, to $1,508 per ounce, while July platinum
PLN23,
-0.66%
declined by $6.70, or 0.6%, to $1,068 per ounce. -
Copper for July delivery
HGN23,
-2.20%
declined by 9 cents, or 2.3%, to $3.67 per pound.
Market drivers
Gold prices have pulled back since reaching their second-highest settlement level on record last week, raising questions about whether the rally in the yellow metal has peaked.
“There does appear to be some weaker momentum for Gold,” said Jameel Ahmad, chief analyst at CompareBroker.io, in emailed comments.
The yellow metal has benefited from a weaker U.S. dollar and worries about a potential recession in the U.S.
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