Gold settles above $1,260 an ounce for the first time in two weeks
Precious metals traded higher on Tuesday, 10 June 2014. Prices moved up today despite a stronger dollar index. Gold futures climbed on Tuesday to settle back above $1,260 an ounce for the first time in two weeks, finding support from some weakness in U.S. equities as traders awaited economic data later in the week.
Gold for August delivery rose $6.20, or 0.5%, to settle at $1,260.10 an ounce on the Comex division of the New York Mercantile Exchange, extending Monday's modest gain.
July silver rose 10 cents, or 0.5%, to end at $19.17 an ounce.
Economic data was limited at Wall Street on Tuesday. Wholesale inventories increased 1.1% in April on top of a 1.1% increase in March. The April growth figure was well above the consensus estimate of +0.3%. Wholesale sales jumped 1.3% on the back of a 1.6% increase in March. The inventory-to-sales ratio held steady in April from a downwardly revised 1.18 reading for March (from 1.19). Durable inventories increased a solid 0.9% after increasing 0.7% in March. Inventory increases were logged in all durable categories with the exception of miscellaneous durables, which declined 0.1%. Nondurable inventories rose 1.4% after increasing 1.6% in March. That growth was driven by a 2.6% increase in drug inventories and a 1.5% increase in grocery inventories.
Separately, the Job Openings and Labor Turnover Survey for April indicated job openings increased to 4.455 million from 4.166 million.
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