NEW YORK (
were hovering near the flatline on Tuesday as traders of the yellow metal continued trying to figure out gold's near-term direction.
Gold lost 0.16% on Monday
Gold for June delivery at the COMEX division of the CME was adding $1.10 to $1,435.40 an ounce. The
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.
for July delivery was slipping 19 cents to $23.51 an ounce.
Gold mining stocks were mixed on Tuesday. Shares of
(GFI - Get Report)
were dropping 1.8%, while shares of
(AUY - Get Report)
were adding 0.84%.
Among volume leaders,
(ABX - Get Report)
was up 0.64%.
SPDR Gold Trust
was increasing 0.1% to $138.57 a share, while
iShares Gold Trust
was up 0.07% to $13.92 a share.
-- Written by Joe Deaux in New York.