WASHINGTON (dpa-AFX) - Gold prices rebounded on Tuesday after the plunge on Monday amidst the spike in crude oil prices. Fresh Hormuz tensions and efforts at securing passage of ships through the pathway had lifted crude oil prices on Monday.
The rebound in gold prices comes amidst a firm dollar and a decline in crude oil prices on Tuesday.
The Dollar Index which measures the strength of the dollar against a basket of six currencies is 0.12 percent higher in the day's trading. It is currently trading at 98.49 after ranging between 98.40 and 98.58.
Brent crude futures for July settlement are currently trading at $112.04, having slipped 2.1 percent from the previous day's close. WTI crude futures for June settlement has dropped more than 3 percent in the day's trading and is currently hovering near $103.
Gold Futures for June settlement is currently trading at $4,573.66, gaining 0.89 percent from the previous close of $4,533.30. While the day's trading ranged between $4,522.86 and $4,584.96, the 52-week trading ranged between $3,123.30 and $5,626.80. Gold Futures had touched an all-time high of $5,626.80 on January 29.
The day's price movements have resulted in a weekly loss of 0.39 percent. Despite monthly losses of 2.4 percent, year-to-date gains exceed 4.2 percent. The yellow metal's price gain over the 3-year horizon stands at more than 122 percent.
Spot Gold is currently trading 0.9 percent higher on an overnight basis at $4,563.72 per troy ounce. While the day's trading ranged between $4,513.76 and $4,574.58, the 52-week trading ranged between $3,120.52 and $5,595.46. Spot Gold had touched an all-time high of $5,595.46 on January 29.
At current prices, Gold Futures and Spot Gold have both gained more than 37 percent over the past year.
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