Gold News & Info

Source: Marketwatch

San Francisco— Gold futures edged up Tuesday, extending a winning streak to five sessions after spending most of the trading day wavering between small gains and losses. Gold has risen nearly $35 an ounce over its five-session win streak. �I think we�ll trade sideways for a bit while the market digests the recent positive moves in metals and equities,� said Brien Lundin, editor of Gold Newsletter. Over the long term, however, he said he expects �renewed strength in the metals as it becomes evident that the [Federal Reserve] is likely to continue its accommodating monetary policies.� Gold for April delivery gained $1.20, or 0.1%, to settle at $1,427.60 an ounce on the Comex division of the New York Mercantile Exchange. The metal traded between a high of $1,432.30 and a low of $1,419.50.

Traders flock to gold every time prices hover around $1,400 an ounce, but sell it when it hits the $1,440 mark, said Walter de Wet, an analyst with Standard Bank in London. �That definitely helps keep gold range-bound,� he said. Currencies are influencing gold futures more than safe-haven buying at this point, de Wet added. Investors who are betting on rising gold prices have already taken long positions, de Wet said. �We�d need something new to happen to see new longs in the market,� he added. A stronger yen has helped lure investors to the gold market, according to one strategist. See full story.