Gold tops $1,600 an ounce for the first time since 2013
Gold climbed Tuesday, with prices headed back to their highest levels since 2013, as continued worries over the COVID-19 epidemic in China put pressure on stocks and sparked demand for assets perceived as havens, including gold and Treasurys.
Gold for April delivery GCJ20, +1.23% on Comex rose $13, or 0.8%, to $1,599.40 an ounce after tapping a high at $1,601.40.40—the highest intraday level for a most-active contract since April 2013, according to FactSet data. March silver SIH20, +2.32% was also up 29.6 cents, or 1.7%, at $18.03 an ounce, poised for the highest finish since Jan. 24.
A stronger U.S. dollar, however, might be limiting gains. The ICE U.S. Dollar Index DXY, +0.29%, a measure of the currency against a basket of six major rivals, rose 0.3% to 99.319, after trading at a more-than-four-month high. A stronger dollar can be a drag for gold and other commodities priced in the unit, making them more expensive to users of other currencies.
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