Gold futures were fluctuating Tuesday, brushing close to the benchmark price of $1,500 per troy ounce after three straight days of notching record prices, Bloomberg reports.
Analysts attribute gold futures’ climb to fears of inflation and the weakening U.S. dollar. Silver futures were gaining Tuesday morning, benefitting from investors’ pursuit of haven for their assets given the shaky economic financial atmosphere.
The "uptrend is well intact and we expect any pullback to be very limited," according to a Tuesday report by VTB Capital analyst Andrey Kryuchenkov. "The downside is limited, with the focus on the euro zone peripheral debt as well as U.S. monetary policy expectations."
At 7:44 a.m. on Tuesday, gold futures were up 0.30 percent, a $4.50 climb to $1,497.40 per troy ounce. Silver futures gained 1.02 percent, a 0.439 cent rise to $43.395 per troy ounce.
"Growing fears of rising inflation and a weak dollar continue to benefit gold and silver," according to a note from Marc Ground, an analyst with Standard Bank. "Inflation-hedge buying is providing the main impetus."
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