Gold prices on Tuesday were headed higher for a second straight session as a pullback in the U.S. dollar extended, providing room for bullion values to climb, commodity experts said.
“As soon as the dollar’s recovery stopped, gold has been able to rebound, consolidating the strength of the support placed at $1,850-$1,860,” wrote Carlo Alberto De Casa, chief analyst at ActivTrades, in a daily note.
On Monday, December gold
was up $9.70, or 0.5%, at $1,891.90 an ounce, after a 0.9% rise on Monday. The metal hasn’t posted consecutive daily gains since a three-day stretch ended Sept. 16, FactSet data show.
The dollar on Tuesday was down 0.2%, as measured by the ICE U.S. Dollar Index
FactSet data show. The index is down 0.6% so far this early week, after posting a 1.9% weekly rise last week.
Last week, gold and silver prices