Gold Price Reaches $1,195.20 per Ounce

Gold settled at $1,195.20 per ounce on Tuesday after seeing its biggest one-day loss in a week, according to Reuters. Meanwhile, US gold futures for June delivery increased $1.10 to hit $1,284.80.

The metal was affected by an increase in the US dollar, as well as attention to global equities, which caused European stocks to rise 0.6 percent.

“Gold was being weighed down yesterday by the firmer dollar and the rising equity markets, and these two factors are [still] preventing gold from regaining the $1,200 mark,” said Daniel Briesemann, Commerzbank AG (OTCMKTS:CRZBY) analyst.