Gold prices mostly tipped lower Tuesday, at risk of logging a fourth straight decline and the seventh down day out of the past eight, as a popular gauge of the dollar slipped but remained near its highest level in roughly 17 months.
December gold GCZ8, -0.02% slipped 10 cents, or 0.1%, at $1,203.40 an ounce, though it has crossed briefly into positive territory. Monday’s finish at $1,203.50 marked the lowest for a most-active contract since Oct. 10, according to FactSet data. December silver SIZ8, -0.08% meanwhile, was up 7 cents, or about 0.5%, at $14.008 an ounce, though it revisited two-month lows overnight.
The SPDR Gold Shares ETF GLD, +0.14% was up 0.1% and the iShares Silver Trust SLV, +0.23% rose 0.3%.
Read: Billion-dollar monthly boost in exchange-traded fund gold holdings offer ray of hope for downbeat metal
”Technically, gold bears have the firm overall near-term technical advantage, to suggest a challenge of the recent lows,” said Jim Wyckoff, senior analyst with Kitco.com, noting that bears’ near-term downside objective is a drop below solid technical support at the September low of $1,184.30.
He, too, said dollar influence continues to hold sway over gold.
The ICE U.S. Dollar Index DXY, -0.39% a measure of the U.S. currency against six major rivals, was down 0.3% at 97.28. Its push above 97.57 Monday was the index’s highest level since June of 2017, according to FactSet data. The gauge has climbed about 5.9% year to date, partly boosted by expectations for further tightening by the Federal Reserve. The Fed is expected to raise rates next month and thrice in 2019. Higher interest rates can boost the dollar and dull demand for dollar-denominated commodities.
In other metals trade, January platinum PLF9, -0.28% was up 0.5% at $850 an ounce, while December palladium PAZ8, +0.41% rose 0.9% to $1,095.70 an ounce. December copper HGZ8, +0.54% meanwhile, rose 1.1% to roughly $2.71 a pound.
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