Gold tried for back-to-back gains with an early advance Tuesday, flicking at the closely watched $1,200 line that some analysts see as a major determinant for gold’s near-term fate.
The precious metal on Monday logged the best single-session gain of August so far, as prices bounced back from their worst weekly decline in more than a year.
A pullback for the robust dollar has largely explained gold’s latest move as the two have enjoyed an inverse relationship for the bulk of the year. Yet gains for gold came even as the S&P 500 SPX, +0.24% which tends to move in the opposite direction of bullion, flirted with record highs Tuesday.
