Gold futures finished lower Tuesday, but off the session’s lows, as a slump in oil prices wiped out much of an earlier rally in U.S. equities.February gold GCG6, +0.22% lost $1.60, or 0.15%, to settle at $1,089.10 an ounce on Comex, after trading as low as $1,082.10. Gold last settled on Jan. 15, up 1.6% but lower for the week, as U.S. metals markets were closed on Monday for the Martin Luther King holiday.
Gold was falling in response to the “slightly higher appetite for risk,” said Fawad Razaqzada, technical analyst at Forex.com.
But as gold prices settled, it wasn’t clear whether equities would be able hold on to any of their Tuesday gains, “especially with oil struggling to re-take the $30 handle,” he said. “If stocks fall, then gold should find some safe-haven flows.”
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