Gold futures push higher

PanARMENIAN.Net - Gold futures pushed higher in electronic trading on Tuesday, May 24, as the dollar weakened and helped support buying in the metal.

Gold for June delivery added $2.50 or 0.2%, to $1,517.90 an ounce on the Comex division of the New York Mercantile Exchange during Asian trading hours.

The gains followed gold settling at its highest level since May 10 in the North American session, with euro-zone debt jitters and global growth concerns supporting prices, given the metal’s status as a safer asset class.

Silver for July delivery improved by 36 cents or 1.0% to $35.27 an ounce.

The dollar dipped during Asian trading hours, as Federal Reserve official James Bullard said that the central bank is likely to keep policy rates on hold after the second bout of quantitative easing (QE2).

The dollar index , which tracks the U.S. unit against a basket of six rival currencies, traded at 76.038, down from 76.125 in North American trading late Monday.

The broader metals complex moved higher in Asian trading hours on Tuesday.

Copper for July delivery put on 2 cents or 0.6% to $4.02 a pound.

Platinum for July delivery gained $4.10, or 0.2%, to $1,760.00 an ounce, while June palladium added $1.20, or 0.2%, to $733.00 an ounce, MarketWatch reported.