Gold futures recovered modestly early Tuesday, February 14, after suffering their largest single-session loss in some three weeks, as the dollar softened slightly.
April gold GCJ7, +0.05% rose $4.90, or 0.4%, to $1,230.70 an ounce. Prices notched their third straight session loss on Monday, even after they logged a sixth weekly rise in seven weeks on Friday.
Trading in the near term has largely shadowed the dollar. Gold is traded in dollars, so moves for the U.S. currency can influence the metal’s attractiveness to those using other monetary units.
The ICE U.S. Dollar Index DXY, +0.24% fell 0.3% early Tuesday.
Currency and metals investors will hear from U.S. Federal Reserve Chairwoman Janet Yellen, who will appear before the Senate Banking committee at 10 a.m. Eastern Time on Tuesday and before the House Financial Services Committee on Wednesday.
March silver SIH7, +0.16% rose 10 cents, or 0.6%, to $17.93 an ounce. Copper prices HGH7, -1.38% continued to edge higher as supply issues spread. On the London Metal Exchange, three-month copper rose by 0.42% to $6,153 per metric ton, its highest level since late May 2015.
The exchange-traded fund SPDR Gold Trust GLD, -0.28% was up 0.3% premarket, while the VanEck Vectors Gold Miners ETF GDX, -0.84% rose 0.7%, MarketWatch reports.