Gold metal prices were seen trading slightly higher on Tuesday, bouncing back from its lowest level in three weeks while the ongoing crises in Ukraine remain in focus.
Bullion for June delivery climbed 0.18% higher to $1,290.90 an ounce on the Comex in New York at the time of writing, while futures for silver edged 0.64% higher, trading at $19.475 an ounce at the same time. Gold reached $1,282 on Monday, the lowest level since April 3.
Assets in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust; fell to 792.14 tons on Monday, the lowest since January 28. Money managers’ cut their net-long position on high gold prices to 90.137 contracts in the week ending April 15, data from the US Commodity Futures Trading Commission showed.
The dollar index, which measures the strength of the greenback against a basket of six major currencies, dropped 0.07% lower, standing at 79.886 at the time of writing.
On Thursday, representatives from Ukraine, Russia, the US and the EU met in Geneva to hold talks and agreed on easing the escalation of the conflict in Ukraine
However, tension continues to remain in focus while it escalates as the deadly shootout that occurred over the weekend left at least three people dead in a city in eastern Ukraine.
Traders are expecting the US Federal Reserve to reduce its monthly asset-purchases until the year ends after the releases of the positive data’s, the consumer price inflation and retail sales data. The Philadelphia Fed manufacturing index climbed to 16.6 points in April, compared to the previous reading of 9 seen in March and above analysts forecast of 10.
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