Investing.com – Gold prices hit a three-week high on Tuesday, while the dollar showed little movement as trading volumes were expected remain subdued during the holiday season.
Comex rose 0.28% to $1,282.30 a troy ounce by 4:18AM ET (9:18GMT) Tuesday, just off its intraday high of $1,283.50 which was its highest level since December 1.
The dollar was little changed on Tuesday with Wall Street preparing to reopen its doors after the Christmas holiday. Most European stock markets remained closed on Tuesday for Boxing Day and with New Year’s just around the corner, trading was expected to remain thin.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.14% at 92.97.
Gold is sensitive to moves in the dollar. A stronger dollar makes gold more expensive for holders of foreign currency.
On a very light economic calendar, investors digested Japanese data for November out overnight that showed inflation that rose more than expected, the unemployment rate unexpectedly ticked down to 2.7% and household spending gave a strong reading with a 2.1% rise that beat consensus.
The focus stateside will be on the Conference Board’s consumer confidence for December, although the S&P/Case-Shiller housing price index for October, and manufacturing indices from the Richmond and Dallas Fed will also be released.
Elsewhere in metals trading, rose 0.22% at $16.48 a troy ounce, fell 0.13% at $924.50 a troy ounce, traded up 0.63% to $1,036.00 a troy ounce, while advanced 0.66% to $3.260 a pound.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Source: Investing.com
