Gold Eases Back to Support at $1200

Gold settled lower on Tuesday as the dollar eased against a basket of currencies, helping the metal to recover from early losses that briefly pulled it below $1,200 an ounce.  U.S. gold for April delivery closed down $3.80, at $1,204.40 an ounce.

Spot gold was down 0.3 percent at $1,203 an ounce, having dropped by nearly 1 percent to a session low of $1,194.90 as the dollar hovered around 11-year highs, helped by rising Treasury yields.  “Prices … seem to be forming a nice technical base in the low $1,190s,” Deutsche Boerse’s MNI senior analyst Tony Walters said.

“Gold … clearly found some support around $1,200 at the start of this month and people are still looking at U.S. data,” NRC Commodities analyst Andrey Kryuchenkov said.  Markets will be watching Friday’s U.S. non-farm payrolls numbers and next week’s launch of outright money-printing by the European Central Bank, he added.


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