Gold Pares Losses as US Dollar Index Lower

Gold prices have moved up from moderately lower levels to trade near unchanged in morning dealings Tuesday. The yellow metal and much of the rest of the raw commodity continue to see their daily price moves heavily influenced by the “outside markets” that include the U.S. dollar index and crude oil prices. The USDX moved to its session low Tuesday morning, which helped to lift gold prices from their daily lows. However, Nymex crude oil prices that have hit a nearly seven-year low and fell below $37.00 a barrel Tuesday are keeping precious metals buyers very timid at present. February gold was last down $0.80 an ounce at $1,074.40.

via Kitco

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza