The price of gold edged higher on Tuesday morning, reclaiming some of its recent losses. The metal had been trending sharply lower since the middle of last week.
Gold for June delivery finished at $883.30 an ounce, a gain of $10.50 for the session. It was the first gain in four sessions for the precious metal.
Prices had plummeted to a 2 1/2-month low as traders continued to drift away from the safety investment amid hopes the economy could be on the road to recovery. The metal lost nearly $55 an ounce in a three-day slump.
The government continued its unprecedented fund raising efforts Tuesday, continuing to sell debt to back its record stimulus spending. In addition to increasing the frequency of sales, the Treasury Department has boosted the size of individual offerings. Further jolting funding, the government has brought back seven year-notes into circulation for the first time since 1993.
Traders looked ahead to some key economic data later in the week. Wednesday will bring wholesale trade data while import and export prices will be announced on Thursday.
The dollar rallied against the euro and sterling amid some worries about earnings season, which pushed traders toward the lower-yielding currency. The buck eased versus the yen.
In other commodity trading, light sweet crude for May delivery fell to $49.15 a barrel, down $1.90. Prices dropped as low as $48.89 earlier in the session.
For comments and feedback: contact email@example.com