MW: Gold struggles to benefit from looming uncertainty
MADRID (MarketWatch) — Gold was fighting to make it two winning sessions in a row on Tuesday, even amid ongoing turmoil over Greece and uncertainty in the equities market.
Gold for April delivery GCJ5, -0.35% slipped 70 cents to $1,240.80 an ounce. March silver SIH5, -1.49% dropped 16 cents to $16.90 an ounce.
A day earlier, gold prices logged their first gain in three sessions, helped by data that showed China’s exports unexpectedly dropped in January.
Edward Meir of INTL FCStone isn’t letting the trend lines get in the way of a mostly upbeat forecast.
“While the charts seem to make the case for further declines, we still believe that we are not going to retest our lows anytime soon, at least until we see some breakthrough with Greece, which at this stage looks less and less likely,” he wrote.
On Monday, Greece’s new government said it will cancel about one-third of the austerity measures imposed under its bailout, but Germany showed no sign of backing away from its insistence on the current terms for international aid.
In other metals action, platinum for April delivery PLJ5, -0.28% fell $1.60 to $1,218.80 an ounce, while March palladium PAH5, -0.21% gained 35 cents to $780 an ounce. High-grade copper for March delivery HGH5, -1.72% was off a penny to $2.57 a pound.
