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Investors curb buying of commodities as dollar holds steady; Gold hovers near $1,100 an ounce
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NEW YORK - Commodities prices stalled Tuesday as investors got little direction from the dollar, which has been a major force behind trading in recent weeks.
Trading was quiet across all financial markets as investors curbed their buying of commodities, stocks and bonds. Most markets again took their cue from the dollar, which was holding steady after sinking to a 15-month low the day before. That drop in the dollar on Monday helped send gold to a new record and stocks to their highest levels in more than a year.
Record low interest rates have put pressure on the dollar this year, making higher-yielding assets like stocks and commodities more appealing.
On Tuesday, the ICE Futures US dollar index, a closely watched gauge of the dollar against other currencies, was roughly flat in afternoon trading.
Gold for December delivery added $1.10 to $1,102.50 an ounce on the New York Mercantile Exchange.
December silver fell 25.8 cents to $17.222 an ounce, while December platinum gave up $16 to $1,348 an ounce. Palladium futures also fell.
December copper dipped less than a penny to $2.9615 a pound.
Oil prices slipped. Like other commodities, oil has benefited from the weaker dollar, rising even though evidence suggests energy demand is still in a slump.
On Tuesday, the International Energy Agency forecast global oil demand would rise to 105 million barrels a day by 2030, up from 85 million barrels a day last year. That's slightly lower than its previous forecast of 106 million barrels a day.
Light, sweet crude for December delivery fell 38 cents to $79.05 a barrel.
Elsewhere on the Nymex, heating oil futures fell 1.04 cents to $2.0523 a gallon, while gasoline futures dipped less than one cent to $1.9774 a gallon.
On the Chicago Board of Trade, December wheat futures rose 3 cents to $5.23 a bushel, while corn for December delivery added 8.5 cents to $3.945 a bushel.
January soybeans lost 4 cents to $9.68 a bushel.
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