Gold Futures Extend Gains to FourMonth High

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Gold traded higher Tuesday, with prices extending their climb after bullion hit its loftiest level since January on the back of a weaker U.S. dollar and continued fretting about inflation and market valuations.

Gold bulls continue to draw strength from a weaker greenback and inflation fears, wrote Lukman Otunuga, senior research analyst at FXTM, in a Tuesday note.

The precious metal has gained 5.7 this month and could extend gains as inflation concerns continue to grow, he wrote.

June gold was trading up 2.70, or 0.1, to trade at 1,870.30 an ounce, after the precious metal surged 1.6, pushing the mostactive contract to its highest settlement since Jan. 7. The precious metal also closed above the longterm 200day moving average for the first time since early in 2021. Analysts view moves above or below moving averages as a gauge of an assets bullish and bearish momentum.

Meanwhile, July silver was trading 38 cents, or 1.3, higher, after golds sister metal jumped 3.3 Monday, driving silver futures to the highest settlement since February.

Source Marketwatch

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