MW: Gold futures gain as dollar weakens, price of oil climbs
- Gold futures gained ground Tuesday as a weaker U.S. dollar and pricier crude oil fueled demand for the precious metal among investors seeking to hedge bets against additional drops in the greenback and steeper inflation.
Gold for June delivery rose nearly 1%, adding $8.40 to stand at $921.90 an ounce in early New York Mercantile Exchange action.
The dollar index, which measures the greenback against a basket of half a dozen other major currencies, fell 0.1%. See Currencies.
Crude-oil futures gained 1.5% to flirt with the $60-a-barrel mark, the first time the benchmark contract's been at that level in six months. Read Futures Movers.
Also on metal traders' radar screens, the Commerce Department reported that the U.S. trade deficit increased by 5.5% to $27.6 billion in March from $26.1 billion in February. See Economic Report.
On Tuesday, gold fell 0.2% to 913.50 an ounce, a pause after having risen 3% last week.
