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Gold futures flipped between small gains and losses Tuesday, steadying after a surge in the U.S. dollar saw the yellow metal record its lowest close since February.
Gold for June delivery
GC00,
GCM22,
was down $1.90, or 0.1%, at $1,856.70 an ounce on Comex. July silver
SIN22,
was down 0.2% at $21.785 an ounce.
The ICE U.S. Dollar Index
DXY,
a measure of the currency against a basket of six major rivals, was flat after trading near a 20-year high on Monday. A rising dollar can be a negative for commodities priced in the unit, making them more expensive to users of other currencies.
Inflation data, due Wednesday, are likely to be the main event on the economic calendar, analysts said.
“Further downside risks for gold may lie ahead, as an inflation number surprising to the upside, which in this case would be anything above 8.1%, could strengthen the case for an increase in the pace of tightening by the Federal Reserve and fuel further dollar gains,” said Ricardo Evangelista, senior analyst at ActivTrades, in a note.
In other metals trade, July copper
HGN22,
rose 0.6% to $4.218 a pound. July platinum
PLN22,
rose 1.4% to $951.70 an ounce, while June palladium
PAM22,
was off 0.5% at 2,050.50 an ounce.
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