Metals expert Suki Cooper sees gold prices hitting a speed bump before they can challenge last year's highs.
NEWS SUMMARY: Precious metals prices rose Tuesday on safe-haven buying and a weaker dollar. U.S. stocks gave back most of their gains after a report stated China may be walking back some trade offers.
Gold prices rose for a third consecutive session on Tuesday as the dollar weakened on expectations that the U.S. Federal Reserve will maintain a dovish tone at its monetary policy meeting this week.
Gold prices edged up on Monday as expectations the U.S. Federal Reserve will be accommodative for the rest of the year weighed on the dollar though increased risk appetite limited bullion's gains.
"Over the past three weeks, gold has come to terms with its strong gains between August and February, with the metal's price peaking on Feb. 20 at $1,346. From the August low of $1,175, that produced a striking gain of $171, or 14.6%. Since that February peak, gold has dropped back by about $60 to $1,286, giving up a total of 4.5%.
Correction in gold prices may have already hit a low and gold can rally despite the unclear direction of the dollar.
Gold gained its second straight weekly gain as prices found support on Friday amid a weaker tone for the U.S. dollar while palladium hit its record peak.
Gold prices have pushed above $1,300 an ounce as momentum in the New York region’s manufacturing sector weakens.
"Gold prices gained on Tuesday, looking to recoup most of the previous session's losses...
Goldman Sachs lifts its forecasts for both gold and silver.