Gold futures for February delivery /quotes/comstock/21e!f:gc\g11 (GCG11 1,373, +5.10, +0.37%) rose $7.70, or 0.6%, to $1,368.20 an ounce.
Gold lost some steam, however, ceding the spotlight to silver and palladium, which rose more than 2%, and copper, which hovered close to record highs.
“Overall, interest has been light,” said Stephen Platt, an analyst with Archer Financial Services in Chicago. “The focus has been in industrial metals ... right now you are seeing some support, but no clear breakout one way or the other.”
Gold may have lost some of its luster, at least for now, as exchange-traded funds backed by gold have seen outflows, Commerzbank analysts told clients in a note Tuesday.
Investors have started to sell ETFs, “warning of a softer patch ahead for prices,” analysts at Standard Bank said in a research report. Standard Bank is bearish on gold as the withdrawals “have been significant and the [U.S. dollar] is expected to strengthen
