The gold price remained confined to a tight range on Tuesday afternoon, with the dollar waning as the day progressed, allowing modest gains in the metal.
Spot gold was last $3 higher at $1,198.50/1,199.30 per ounce, having traded in a sub-$10 intraday range so far. Other metals were similar – silver was last two cents higher at $15.94/15.99, platinum was up $4 at $1,147/1,152 and palladium climbed $3 to $772/777.
Earlier, the metal had been under pressure from the dollar peaking at 1.0659 against the euro, though it has since retreated to 1.0750.
The earlier positive tone in US equity markets petered out, with the S&P currently down 0.16 percent, though most European indices ended the day in positive territory.
A quiet day for data meant little in the way of volatility in the market – German ZEW economic sentiment at 53.3 fell short of forecasts.
Greece will remain in focus over the next few days – eurozone deputy finance ministers will meet later this week to discuss the potential default by the Mediterranean country. A default could send gold prices higher as investors look for a safe haven but ECB vice president Vitor Constancio suggested even this would not necessarily force Greece out of the euro.
(Editing by Mark Shaw)
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