MW: Gold driven above $1,200 as Russia, oil, roil markets
MADRID (MarketWatch) — Gold pushed higher on Tuesday, as a turbulent global trading climate triggered safe-haven demand for the precious metal.
At last check, gold for February delivery GCG5, +0.51% rose $10.90, or 0.9%, to $1,218.40 an ounce, while March silver SIH5, -0.77% pared losses to 2 cents to $16.23 an ounce.
Gold and oil prices have been moving in tandem recently, though the two diverged overnight as crude CLF5, -3.24% slumped again, while Brent crude LCOF6, -1.11% slid past $59 a barrel.
The dollar USDJPY, -1.16% tumbled against the Japanese yen as investors piled into the currency on its safe-haven perception. That came as the Russian ruble USDRUB, +10.51% collapsed to 77 against the dollar hours after the central bank hiked its interest rates to 17% from 10.5%. U.S. stock futures traded volatile, but were pointing sharply lower ahead of Wall Street’s open.
Housing starts for November will be released at 8:30 a.m. Eastern, with analysts looking for an improvement to an annual pace of 1.04 million. Then, on Wednesday, traders will get a look at the Fed’s new policy statement and updated economic forecasts, followed by a news conference with Chairwoman Janet Yellen. Read: Economic Preview.
In other metals trading, January platinum PLF5, +0.58% rose $4.20, or 0.4%, to $1,219.10 an ounce, while March palladium PAH5, +0.12% slipped 50 cents to $802.05 an ounce. High-grade copper for March delivery HGH5, -0.42% fell a penny to $2.87 a pound.
