Gold prices held firm on Tuesday after pushing past the psychological $1,200 an ounce level yesterday.
Gold for June delivery on the Comex division of the New York Mercantile Exchange was last up 10 cents at $1,203.30 per ounce. Trade has ranged from $1,198.60 to $1,206.40.
The yellow-metal closed nearly $30 higher on Monday on continued weak data from the major economies, a weakening dollar and market participants awaiting the Federal Open Market Committee (FOMC) meeting on Wednesday.
“Bullion found support from the release of lower-than-expected US economic data,” James Steel, an analyst at HSBC, said in a report.
Multiple sets of data from the US are scheduled for release today including consumer confidence and the Richmond manufacturing index.
Strong numbers may “weigh on gold”, but the inverse is true if weak data persists, Steel added.
In data today, S&P/CS Composite-20 home price index was up five percent in February, ahead of the 4.7 forecast.
Yesterday, the dollar index fell to a three-week low at 96.63. The euro was last 0.4 percent stronger at 1.0934 against the dollar.
Meanwhile in Europe, investors are still keen to the Greek debt situation, especially now that PM Alexis Tsipras has demoted lead negotiator and Finance Minister Yanis Varorfakis after months of ineffectiveness in resolving the countries debt obligations to creditors.
In European equities, Germany’s DAX and France’s CAC-40 were both 1.2 and 1.5 percent respectively.
In Japan, retail sales year-over-year were down 9.7 percent in March, while forecasts predicted a 7.4 percent decline.
As for the other precious metals, Comex silver for May delivery was down 29 cents at $16.365 per ounce. Trade has ranged from $16.275 to $16.57.
Platinum for June delivery on the Nymex fell $11.7 to $1,141.70, while the most actively traded palladium contract was at $773.60, up $3.35.
Light sweet crude (WTI) futures increased eight cents or 0.1 percent at $57.06 per barrel in the most active contract.
(Editing by Tom Jennemann)
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