Precious metal prices ended in a mixed mode on Tuesday, 19 July 2016. While gold prices ended higher, silver prices slipped. Gold futures tiptoed higher in subdued action notching their best settlement in almost a week as some a pull back in U.S. stocks helped to support haven demand. Gold has generally maintained its uptrend, but has been tracking stocks recently. Equities were trading mostly lower Tuesday by the time gold prices settled. Prices ended in a mixed fashion amidst lower global economic outlook from the International Monetary Fund and stronger dollar.
Gold staged a modest afternoon rally, consolidating near its afternoon highs despite notable strength in the dollar index.
August gold rose $3, or 0.2%, to settle $1,332.30 an ounce�the highest settlement since last Wednesday. September silver fell 6.8 cents, or 0.3%, to $20.01 an ounce.
Prices of gold rose 0.1% a day earlier after falling some 2% last week amid stock-market gains and Bank of England inaction on interest rates. Still, over the previous six weeks, gold had settled higher weekly for a cumulative gain of nearly 12%.
The U.S. Dollar Index ended broadly higher by 0.6% as the euro and the pound each lose ground to the greenback. The single currency ticked lower by 0.5% against the dollar (1.1019) while sterling slipped 1.2% against the dollar (1.3095). Separately, the dollar gained 0.7% against the commodity-sensitive Canadian dollar (1.3028).
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