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Gold advances on some flight-to-quality support PDF Print E-mail
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Gold for August delivery, the most active contract, rose $9.90, or 0.8%, to $1,234.40 an ounce on the Comex division of the New York Mercantile Exchange. Other metals also closed higher, with palladium leading the pack.

"For the past week or so, the market has been trading in a narrow range of around $1,220, on one hand supported by lingering worries over sovereign debt issues and on the other lacking fresh momentum to break significantly on the upside," analysts at Barclays Capital said in a note to clients Tuesday.

A weaker dollar also provided some support for gold, said Frank Lesh, a broker and futures analyst with FuturePath Trading in Chicago.

"Nobody knows if euro-land problems are over with," Lesh said. "At the moment, we are giving the markets the benefit of the doubt ... but people still want gold, you still see a lot of fears and problems out there."

The dollar index /quotes/comstock/11j!i:dxy0 (DXY 85.95, -0.04, -0.04%) , which compares the greenback to a basket of six currencies, was 0.7% lower at 85.93. The euro was 1% stronger compared with the dollar, most recently changing hands at $1.23.

Gold "looks to be in consolidation mode" following last week's record, said Stephen Platt, an analyst with Archer Financial Services in Chicago. Bullion hit $1,245.60 last week, the highest price since gold futures started trading in the New York Mercantile Exchange in the 1970s.

Other metals followed gold to close higher, with palladium leading the pack. Palladium for September delivery rose $12.95, or 2.8%, to $475.55 an ounce. July silver advanced 17 cents, or 0.9%, to $18.57.
 
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