A respite for the hard-hit Turkish lira was accompanied by a small gain for gold futures early Tuesday, as the U.S. dollar gave back some of its recent gains.
December gold futures GCZ8, +0.25% rose $2.90, or 0.2%, to $1,201.80 an ounce, while September silver SIU8, +0.35% was up 4.3 cents, or 0.3%, to $15.025 an ounce.
Gold ended at a roughly 1 1/2-year low and below the psychologically important $1,200 level on Monday as Turkey’s currency crisis saw investors continue to seek safety in the U.S. dollar. The greenback’s strength, meanwhile, trumped the haven appeal of the yellow metal. A stronger dollar can be a negative for commodities priced in the currency, making them more expensive in other currency terms.
