MW: Gold prices modestly higher for second consecutive day
NEW YORK (MarketWatch) -- Gold and other metal prices gained on Tuesday as a weakened dollar hiked demand for the precious metal as an alternative investment.
"Expectations of improving U.S. corporate earnings, gains in crude oil and global stocks all buoyed risk appetite. With it came corresponding declines in the two currencies and further gains in precious metals prices," said Jon Nadler, senior analyst, Kitco Metals Inc.
August gold rose $2.7, or 0.3%, to $925.2 an ounce on the Comex division of the New York Mercantile Exchange, after ending above $920 an ounce on Monday for the first session since July 7.
The U.S. dollar index, which contrasts the greenback to six major currency rivals, was near flat, after falling as much as 0.3% earlier on.
Holdings of the SPDR Gold Trust (GLD 90.85, +0.66, +0.73%) , the largest exchange-traded fund backed by bullion stood at 1,109.81 metric tons on Friday, unchanged from the prior day, according to the company's web site. Holdings have fallen more than 22 metric tons in the past month.
