Gold futures settled with a gain on Tuesday, as declines in global equities and a weaker dollar offered haven-related support for the metal.But the climb was modest, as a recent drop in oil prices to a nearly seven-year low dulled the metal’s appeal as an inflation hedge.
February gold GCG6, +0.15% tacked on a dime to settle at $1,075.30 an ounce, after closing 0.8% lower Monday.
Gold’s latest moves came as the dollar DXY, -0.13% weakened and U.S. stocks were sharply lower in what is part of a global selloff. That eventually provide a modest haven-related boost to gold.
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