Gold futures edged back Tuesday, threatening to end a string of gains for bullion after rising for three straight sessions.
December gold GC00, -0.10% GCZ21, -0.10% was trading at $2.40, or 0.1%, at $1,825.60, following a 0.6% gain on Monday, producing a third straight gain, matching the longest win streak since the period ended Oct. 14, FactSet data show.
Despite gold’s retreat Tuesday, gold is seen on a bullish uptrend, particularly as inflation fears climb and the U.S. dollar has been somewhat subdued.
Naeem Aslam, chief market analyst at AvaTrade, said that “generally speaking, central banks around the world still seem to be accommodative, and in this case, investors are using their liquidity and excess cash to hold the precious metal to hedge against persistent inflation.”
On Tuesday, investors will be watching for the U.S. October producer-price index, ahead of a report on U.S. consumer price inflation on Wednesday.
Add Comment