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Gold prices battle back above $1,200

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Investing.com -

Investing.com - Gold futures briefly fell below the $1,200-level on Tuesday, before battling back to hit $1,215 in North America trade as market players continued to monitor volatile movements in oil prices and global financial markets.

Gold for April delivery on the Comex division of the New York Mercantile Exchange fell to an intraday low of $1,191.50 a troy ounce, before recovering to trade at $1,213.40 by 14:40GMT, or 9:40AM ET, down $26.00, or 2.1%.

There was no settlement in Comex gold prices on Monday, due to the President's Day holiday in the U.S.

Prices of the yellow metal soared to a one-year high of $1,263.90 last Thursday, boosted by a flight to safety. Futures jumped $65.60, or 7.02%, last week, the best weekly performance since December 2008.

Gold has been well-supported in recent weeks amid indications global economic and financial headwinds could make it tough for the Federal Reserve to raise interest rates as much as it would like this year.

Market participants have all but priced out any rate hikes this year, while the Fed is anticipating four more. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases.

Gold is up nearly 13% so far this year as investors seek safe havens in the face of mounting instability in other financial markets.

Also on the Comex, silver futures for March delivery tumbled 36.5 cents, or 2.31%, to trade at $15.43 a troy ounce during morning hours in New York.

Elsewhere in metals trading, copper futures jumped more than 2%, amid mounting expectations for further stimulus measures from central banks in Europe and Asia.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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