Gold for June delivery at the COMEX division of the CME was adding $1.10 to $1,435.40 an ounce. The gold price traded as high as $1,444.90 and as low as $1,419.70 an ounce while the spot price was adding $5.20, according to Kitco's gold index.
Gold has retraced from a bottom it reached in mid-April after a historic two-day selloff that erased about 13% of the yellow metal's value. But the previous three trading sessions have seen gold break below support levels that have left traders wondering when prices may stabilize.
Despite last month's collapse, physical demand in China, India and central banks has helped push the price of gold higher and off its multi-year low.The U.S. dollar was also little changed on Tuesday; the U.S. dollar index was ticking higher by 0.06% to $83.27. "Physical demand, even though it is important to the price of gold, it's much more the dollar versus currency markets when it comes to the real price of gold," said Eric Zuccarelli, an independent commodities trader at the New York Mercantile Exchange. Silver prices for July delivery was slipping 19 cents to $23.51 an ounce. Gold mining stocks were mixed on Tuesday. Shares of Gold Fields (GFI) were dropping 1.8%, while shares of Yamana Gold (AUY) were adding 0.84%. Among volume leaders, Barrick Gold (ABX) was up 0.64%. Gold ETF SPDR Gold Trust (GLD) was increasing 0.1% to $138.57 a share, while iShares Gold Trust (IAU) was up 0.07% to $13.92 a share. -- Written by Joe Deaux in New York. >Contact by Email. Follow @JoeDeaux
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV