By V. Phani Kumar, MarketWatch
HONG KONG (MarketWatch) — Gold futures fell from a six-week closing high during Asian trading hours Tuesday, weighed by the dollar’s strength and a lack of buying support from Chinese markets, which remained closed for the Lunar New Year holidays.
Gold futures for delivery in February GC2G -0.05% dropped $5.50, or 0.3%, to $1,672.80 an ounce.
The front-month contract rose $14.30 on the Comex division of the New York Mercantile Exchange on Monday for its highest finish since Dec. 9, getting a lift from inflationary expectations as crude-oil prices rose on geopolitical tensions related to the European Union’s oil embargo on Iran. Read blog post on Iran tensions.
The U.S. dollar DXY -0.02% advanced against the euro, broadly pressuring dollar-denominated commodities, including gold. Read Currencies column.
Among other metals, March futures for silver SI2H +0.56% slipped 0.1% to $32.25 an ounce, and those for copper HG2H +0.18% traded flat at $3.80 a pound.
April platinum futures PL2J +0.25% fell 0.4% to $1,555 an ounce, while palladium for March delivery PA2H +0.02% gave up 0.5% to $685.25.
Varahabhotla Phani Kumar is a reporter in MarketWatch's Hong Kong bureau.
