ProShares Ultra Gold

UGL

Market cap $658M

XAUUSD buyers hold Tuesday's gains as ceasefire hopes offset rising crude, Treasury yields and dollar strength after fresh Middle East attacks.

The veteran investor who warned in May that the metals selloff had further to run says the bottom is now close, and that he plans to start buying again this year.

The gold market rallied a bit early on Tuesday, but is still seeing a bit of downward pressure after short-term rallies.

Spot gold and silver prices are higher ahead of the North American market open Tuesday, as short covering lifted precious metals after last week's selloff while Treasury yields, the U.S. dollar and crude oil prices remained firm.

For the last few years, China's buying patterns have been an excellent investment signal on gold

Is gold losing its luster? The price of the yellow metal has dropped from well over $5,000 earlier this year to $4,000 today.

The precious metal can still hedge against major risks as the Iran conflict drags on.

Gold breaks above its descending trendline as central bank buying offsets Fed uncertainty. See the latest outlook for XAUUSD and XAGUSD.

Gold edged higher in Asian trade. Physical demand for the metal, particularly in China, and central bank buying are underpinning the gold market, ANZ said.

Spot gold and silver prices are modestly higher in late-afternoon U.S. trading Monday, as short covering helped metals stabilize after last week's selloff, while higher Treasury yields, a firmer U.S. dollar and elevated crude oil prices capped the rebound.