Gold futures edged up on Tuesday, amid fears of Europe's debt crisis and the negotiations deadlocked over enhancement of U.S. debt limit to avoid a shutdown of the federal government.
Gold for August delivery rose U.S. $ 7.60, or 0.5%, to as low as U.S. $ 1,549.20 per ounce on the Comex division of the New York Mercantile Exchange, after rising and traded at U.S. $ 1557.60 per ounce.
In one day, most commodities corrected, and investors stay away from any investments that are considered more risky. However, metal prices could strengthen over the purchase of the safe-haven assets.
Nonfarm payrolls data on Friday last week and worries about the U.S. economy, weighed the price of silver and other metals. Volume is also high for the summer.
Concerns default by Greece to support the dollar, a situation which is generally negative for commodities. For gold, however, concerns over potential defaults Greece to boost the U.S. currency. Dollar index, which compares the U.S. unit with six currencies, was at 75.981, up from 75.179 late Friday.
Most metals and other commodities, like oil, trading down. Silver fell from the early trading, with the September contract fell 84 cents, or 2.3%, to U.S. $ 35.69 per ounce.
September copper fell 4 cents, or 1% to U.S. $ 4.37 per pound. Platinum for October delivery fell U.S. $ 5.10, or 0.3%, to $ 1,728.30 per ounce. Palladium for September delivery, loss of U.S. $ 11.50, or 1.5% to U.S. $ 767.45 per ounce.
read also: Gold Prices Reach Highest Price This Year, Gold Gains After The Fed Minutes
