The metals sector rebounded Tuesday with gold consolidating above $1,100 an ounce as investors saw a cheaper gold as a buying opportunity.
Gold futures for August delivery inched up 50 cents, or 0.05%, to trade at $1,107.40 a troy ounce, while silver futures for September delivery rose 5.9 cents, or 0.4% to trade at $14.81 an ounce.
Comex copper for September delivery added 2.8 cents, or 1.13%, to trade at $2.510 a pound during European morning hours.
Gold prices have dropped more than 4 percent in recent sessions. Although the metal regained some ground today, it remained under pressure as the dollar touched a three-month high on firming expectations of an interest rate hike.
Investors have found less stimulus to hold gold, as the dollar strengthens ahead of an expected increase in U.S. interest rates later this year, the first in nearly a decade.
James Bullard, President of St.Louis Fed, said on Monday there was a better than 50 percent chance that the U.S. central bank will raise interest rates in September.
CREDIT: mql5.com
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