Gold Price Today: Gold Rises to $1,197.23 an Ounce

Spot gold prices gained 0.8 percent on Tuesday to trade at $1,197.23 an ounce as the dollar fell against world currencies, according to Reuters. The increase highlighted investors’ continued reliance on U.S. economic data to inform their decisions on the metal.

According to Bernard Dahdah, an analyst for Natixis, “U.S. data will continue to be very important – if it’s good, we will eventually get lower gold prices.”

Strong U.S. economic performance will prompt the Federal Reserve to increase the key funds rate, which would diminish interest in safe-haven commodities.

U.S. gold futures for June delivery notched up to $1,197.40 an ounce.