Gold pushed higher in the far East and London, but slacked off at the open of the New York session on Tuesday, falling in the first hour, then trading sideways for the rest of the day, and finishing at $928.00/oz., up $3.30. Overnight, gold has been pushing higher.
Platinum rose above $2010 in Hong Kong and held there until it, too, was taken down in New York, where it fell steadily to end at $1979/oz., up $6. Overnight, platinum is sharply higher.

Silver breached the $18 mark in Hong Kong, but declined in London, then traded very narrowly through the New York day, closing at $17.83, up 12 cents. Overnight, silver is trending higher.
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Another day of little movement in the metals prices, albeit to the positive side this time, at least for gold and silver.

Consolidation is the name of the game in the absence of any impetus for gold to make a stronger up or down move. Yesterday, the metal shrugged off modest strength in the dollar and took its cue from record-setting oil prices.

With crude “surging to a near record price today, gold’s role as a hedge against inflation will likely see it supported at $900 and again challenge resistance at $950 in the coming days,” said Mark O’Byrne, of Gold and Silver Investments Limited.

James Moore, of TheBullionDesk.com agreed, writing that, “Given the ongoing recessionary/inflationary fears and liquidity issues dogging the credit market, we remain bullish in the mid to longer-term and expect gold to reclaim $1,000 an ounce later in the year.”

Injecting a note of caution were analysts who speculate that gold’s rally may stall as investors opt for other commodities as hedges against inflation. Oil and corn prices, for example, have risen more than gold in the past year.

“The speculation that you had a month ago in gold has gone on to other things like agricultural commodities,” said Marty McNeill, of R.F. Lafferty in New York. “Gold will catch up, but it’s going to take some time.”

One measure of the metal’s stability, though, can be found in bullion holdings of StreetTracks Gold Trust, which have remained steady for the past two weeks.