Gold prices are modestly higher and holding just below Monday’s 15-month high in early U.S. trading Tuesday. Some more safe-haven demand amid mostly lower world stock markets Tuesday is also helping support gold. A slumping U.S. dollar index also continues to drive buying interest to the raw commodity sector, including the precious metals. June Comex gold was last up $2.80 at $1,298.60 an ounce. July Comex silver was last down $0.107 at $17.575 an ounce.
News reports said Monday’s price action saw the largest daily money inflow to the gold ETF, SPDR Gold Trust, in five years.
It’s a risk-off day in the marketplace Tuesday. Most world stock markets are under pressure after some weak manufacturing data coming out of China, the world’s second-largest economy. The Caixin purchasing managers’ index (PMI) came in a 49.4 in April from 49.7 in March. A reading below 50.0 suggests contraction in the sector. April marked the 14th month in a row of a number below 50.0. U.S. stock indexes are pointed toward lower openings when the day sessions begin in New York.