Gold futures were inching higher Tuesday morning, a day after the precious metal closed at its loftiest level in about three weeks, supported by weakness in the U.S. dollar.
December gold
GCZ21,
“Gold is off a bit but holding its strong advance yesterday staying afloat the $1800 level,” wrote Peter Cardillo, chief market economist at Spartan Capital Securities LLC, in a note.
Investors in gold have been attuned to trading in the dollar, which is virtually unchanged on Tuesday, as measured by the ICE U.S. Dollar Index
DXY,
A weaker dollar can make assets priced in the currency, like gold, appear more attractive to overseas buyers.
Investors will also be watching the annual Jackson Hole central bankers monetary-policy symposium on Friday where Federal Reserve Chairman Jerome Powell may indicate that the central bank will slow monthly purchases of Treasurys and mortgage-backed securities that had helped to prop up financial markets during the worst of pandemic in the spring of 2020.
Elsewhere in metals, silver for September delivery
SIU21,