The Ukraine risk premium failed to keep gold from tracking lower on Tuesday, as attention turned back to equities following the Labor Day holiday.
A day earlier, heavy fighting in eastern Ukraine between government forces and Russia-backed separatists over the weekend helped to give gold prices a slight nudge higher.
Gold is still stuck in a tight range, but things could pick up as we head toward the end of the week, when the U.S. Labor Department releases its nonfarm-payrolls report.
Elsewhere in metals trading, October platinum PLV4, -0.39% dropped $4.80 to $1,419.90 an ounce, while December palladium PAZ4, -0.65% lost $4.35 to $905.20 an ounce. High-grade copper for December delivery HGZ4, -0.05% didn’t budge at $3.16 a pound.
Leon Westgate of Standard Bank pointed to platinum as being the only precious metal that’s been making any worthwhile noise in recent sessions.
“The metal remains in an uptrend and is well supported both technically and from increased tensions between Russia and Ukraine,” he said. “Elsewhere, gold and silver are excruciatingly dull.”