Metals Stocks: Gold futures steady after hitting roughly 3-week high, retaking $1,800

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Gold futures were inching higher Tuesday morning, a day after the precious metal closed at its loftiest level in about three weeks, supported by weakness in the U.S. dollar.

December gold
GCZ21,
-0.03%

was trading $1.10, or less than 0.1%, higher at $1,807.40 an ounce, following a 1.4% gain for bullion on Monday, which took the precious metal to its highest settlement since Aug. 5.

“Gold is off a bit but holding its strong advance yesterday staying afloat the $1800 level,” wrote Peter Cardillo, chief market economist at Spartan Capital Securities LLC, in a note.

Investors in gold have been attuned to trading in the dollar, which is virtually unchanged on Tuesday, as measured by the ICE U.S. Dollar Index
DXY,
+0.04%
,
after falling 0.6% on Monday, paving the way for gains in dollar-priced precious metals.

A weaker dollar can make assets priced in the currency, like gold, appear more attractive to overseas buyers.

Investors will also be watching the annual Jackson Hole central bankers monetary-policy symposium on Friday where Federal Reserve Chairman Jerome Powell may indicate that the central bank will slow monthly purchases of Treasurys and mortgage-backed securities that had helped to prop up financial markets during the worst of pandemic in the spring of 2020.

Elsewhere in metals, silver for September delivery
SIU21,
+0.27%

was picking up 8 cents, or 0.3%, to $23.74 an ounce, after surging 2.4% on Monday.

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