MW: Gold rises first day in three as dollar falls; copper paces gains
NEW YORK (MarketWatch) -- Gold futures rose Tuesday for the first session in three, playing off weakness in U.S. dollar against the euro as investors gauged the long-term staying power of the greenback's recent resurgence.
A weaker dollar enhances the precious metal's investment appeal.
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. Traded less actively, the June gold contract also rose, adding 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, analyst at TheBullionDesk.com.
Other precious metals also rose, paced by silver.
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.
In currencies, the dollar paused from its steep increase over the last few trading sessions. The dollar index (DXY 80.18, -0.73, -0.90%) , a measure of the greenback against a basket of major currencies, stood at 80.162, down from 80.961 in North American trading Monday afternoon. See Currencies.
Holdings in the SPDR Gold Trust (GLD 93.88, +0.32, +0.34%) , the biggest exchange-traded fund backed by gold, stood at 1,132.15 metric tons on Monday, unchanged from the previous day, according to latest data from the fund.
Holdings in the iShare Silver Trust (SLV 14.97, +0.21, +1.42%) , the biggest silver ETF, stood at 8,605.43 metric tons Monday, also unchanged.
In other metals dealings, 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 by 2,125 metric tons from the previous session and by 91,150 metric tons from a month ago, according to data from the exchange.
Among metals-sector equities, shares of Newmont Mining Corp. (NEM 44.85, +0.19, +0.43%) gained 0.7% to $44.69, as did Barrick Gold Corp. (ABX 36.49, -0.07, -0.19%) to $36.83. South Africa's Gold Fields Ltd. (GFI 12.12, +0.09, +0.75%) traded up 1.8% at $12.24.
The Amex Gold Bugs Index (HUI 367.72, +0.83, +0.23%) , which tracks the share prices of major gold companies, rose 0.4% to 368.56.
The iShares Gold Trust ETF (IAU 93.97, +0.38, +0.41%) advanced 0.5% to $94.07.
