Gold Bounces off Three-Month Lows

Gold on Tuesday was able to rebound off recent lows, logging a rare move higher as a stronger dollar and a lull in overseas violence continues to weigh on prices.

At last check, gold for December delivery GCZ4, +0.09% was up $2 to $1,256.30 an ounce. December silver SIU4, +0.12% was up 7 cents at $19.03 an ounce.

A day earlier, gold prices gave up early gains to close lower, touching a three-month low with global conflicts failing to push investors toward the perceived safety of the precious metal.

Jim Wyckoff of Kitco News warned there are several factors weighing on gold at this juncture.

“The market was pressured by technical selling pressure, including sell stops being triggered when chart support levels were breached,” he said. “The surging U.S. dollar index, which hit another 13-month high Monday, was also an anchor for gold and silver.”

Elsewhere in metals trading, December palladium PAZ4, -0.45% shed a dime to $886.05 an ounce, while October platinum PLV4, -0.11% rose $2.50 to $1,400 an ounce. High-grade copper for December delivery HGZ4, -0.69% fell 2 cents to $3.13 a pound.

Source: MarketWatch