Gold futures on the COMEX division of the New York Mercantile Exchange rose Tuesday as U.S. equities showed weakness.
The most active gold contract for April delivery rose 12.5 U.S. dollars, or 1.03 percent, to settle at 1,222.60 dollars per ounce. Gold was given support as the U.S., European and Asian stocks all fell Tuesday.
Analysts noted that when equities post losses, the precious metal usually goes up, as investors are looking for a safe haven, while the opposite is true when U.S. equities post gains. The precious metal was given support as a report released by the New York-based Conference Board showed consumer confidence falling to 92.2 in February compared to January's downward revised 97.8.
Analysts noted that while the headline measure has decreased significantly, there is still strength in the jobs category, pointing to the potential for a good jobs report for February. Gold was prevented from rising further as a report released by the U.S.-based National Association of Realtors Tuesday showed existing home sales rising to a six-month high, with an increase of 0.4 percent during January to an annualized rate of 5.47 million units.
Analysts note that year-on-year sales have risen to 11.0 percent. Silver for March delivery rose 5.6 cents, or 0.37 percent, to close at 15.24 dollars per ounce. Platinum for April delivery added 15.7 dollars, or 1.69 percent, to close at 943.50 dollars per ounce.
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