Gold futures ended little changed Tuesday, kept in check by a rally in a global stocks and a strengthening dollar.
February gold ended 30 cents, or less than 0.1%, lower at $1,068 an ounce. The metal is on track for a 0.3% gain for December but remains down 9.8% since the end of 2014. Gold was marginally higher earlier in the session but succumbed to pressure from surging stocks which were underpinned by a rebound in crude-oil prices.
Advances by the greenback also helped limit the metal’s gains. A stronger buck can make dollar-denominated assets like gold more expensive to buyers using other monetary units.
Bearish sentiment has continued to dominate the view on gold since the Federal Reserve raised interest rates mid-December, making precious metals less attractive to those investors seeking yield-bearing assets.
Other metals on Comex advanced a day after slumping. March silver finished 4.4 cents, or 0.3%, higher at $13.93 an ounce. High-grade copper for March delivery rose 5.8 cents, or 2.8%, to close at $2.1365 a pound, January platinum advanced $10.40 an ounce, or 1.2%, to finish at $891.20 an ounce, and March palladium gained $4.40, or 0.8%, to settle at $556.35 an ounce.