Precious metals added to their recent stretch of gains on Tuesday amid widespread strength in commodities and moderate weakness in the U.S. dollar.
COMEX gold futures – per the February contract – rose by $6.20, or 0.4%, to $1,693.20 per ounce – their highest closing level since mid-December. Silver futures for March delivery at the COMEX advanced by $0.39, or 1.2%, to $32.33 per ounce – also a five-week high.
The rally in precious metals helped propel most gold and silver mining stocks into positive territory, as the Philadelphia Gold & Silver Index (XAU) jumped by 2.0% to 164.63 in afternoon trading. Notable advancers included XAU components Eldorado Gold (EGO), Silver Wheaton (SLW), and Yamana Gold (AUY). Shares of EGO climbed by 2.5% to $13.15, SLW by 2.4% to $37.16, and AUY by 5.1% to $18.22.
Among other precious metals, platinum futures added 1.4% to $1,698.10 per ounce while palladium rose by 0.6% to $726.90 per ounce. As for widely-traded cyclical commodities, copper futures advanced 0.7% to $3.71 per pound while crude oil tacked on 0.8% to $96.81 per barrel.
In the currency markets, the U.S. Dollar Index (DXY) dipped by 0.2% to 79.869 while the euro inched up by 0.1% to 1.3315 against the dollar.