By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) -- Gold futures fluctuated in early trading Tuesday, most recently edging up as bullion lacks momentum to go higher but some safe-haven buying provided a modicum of support for the metal.
Gold for August delivery, the most active contract, added $2.10, or 0.2%, to $1,226.30 an ounce on the Comex division of the New York Mercantile Exchange.
"For the past week or so, the market has been trading in a narrow range of around $1,220, on one hand supported by lingering worries over sovereign debt issues and on the other lacking fresh momentum to break significantly on the upside," analysts at Barclays Capital said in a note to clients Tuesday.
If gold keeps its floor around $1,215-$1,220, it could test new highs in the near future, said Stephen Platt, an analyst with Archer Financial Services in Chicago. "It looks to be in consolidation mode" following last week's record, he added.
Other metals were inching down on Tuesday, with silver for July delivery off 3 cents, or 0.1%, to $18.39 an ounce. Palladium for September delivery lost 40 cents, or 0.1%, to $462.20 an ounce.
July copper lost a penny, or 0.4%, to $2.98 a pound.
Meanwhile, the dollar index (DXY 86.10, -0.41, -0.47%) , which compares the greenback to a basket of six currencies, was 0.3% lower at 86.26.
