Fifth straight gains for gold futures
SAN FRANCISCO (MarketWatch) — Gold futures scored a fifth straight session of gains on Tuesday, with European jitters and worries about a potentially overheated equity market helping to lift prices to their highest level in nearly three weeks.
Gold for April delivery GCJ5, -0.22% rose $3.70, or 0.3%, to settle at $1,191.40 an ounce on Comex — the highest settlement for a most-active contract since March 5. May silver SIK5, -0.52% advanced 9.2 cents, or 0.5%, to $16.983 an ounce.
Dips in gold will be bought, said Jason Rotman, president of Lido Isle Advisors. “We believe gold will try to get above $1,200 soon.”
A day earlier, gold gained on the back of hand-wringing over Greece’s debt problem.
Last week, gold climbed 2.8%, while silver jumped around 9%.
“After last week’s short-covering rally, gold is doing nothing of much overall,” said Adrian Ash, head of research at BullionVault.
And “with currencies still the focus, Thursday brings eurozone money-supply and bank-lending data — a key indicator of the region’s tilt toward deflation. More fireworks could come with U.S. consumer confidence on Friday,” said Ash.
Data Tuesday showed the U.S. consumer-price index climbed in February for the first time in four months.