Gold rallied on Tuesday, reaching the highest intraday levels in six months as the U.S. dollar slipped. Copper prices also jumped on hopes that China lifting COVID-19 restrictions to reopen its economy will boost demand of industrial metals and support the country’s real estate sector.
- Gold for February delivery GCG23,
+0.99%rose $24.30, or 1.4%, to $1,828.50 per ounce on Comex.
- March silver SIH23,
+1.21%rose 35 cents, or 1.5%, to $24.28 per ounce.
- March palladium PAH23,
+5.43%rose $83, or 4.8%, to $1,815 per ounce, while April platinum futures PLJ23, -0.10%fell $8.30, or 0.8%, to $1,021.10 per ounce.
- March copper HGH23,
+0.80%climbed 8 cents, or 2.1%, to $3.894 per pound.
Gold prices had traded as high as $1,838.20 in early dealings on Tuesday, the highest intraday level for a most-active contract since June 22, according to Dow Jones Market Data.
The ICE U.S. Dollar Index DXY,
“Gold remains poised just under multi-month highs, and if the contrarian idea of a weaker dollar in 2023 comes to fruition (and there’s reason to believe it will) then gold will have a positive catalyst behind it as we start the new year,” said analysts at the Sevens Report.
Separately, copper prices rose on Tuesday after China further relaxed its COVID-19 curbs, raising hopes of a recovery in the country’s embattled property sector.
Meanwhile, a top advisor to the People’s Bank of China on Saturday called for strengthening of real estate policy in light of sluggish economic growth over the past three years as China had pursued its zero-COVID policy.