Gold futures trade higher in early deals of Tuesday, hovering above the key resistance $1900 level kindled by the inflation hedge appeal after US posted a 3.1% hike YoY and on ongoing 6 trillion-dollar budget proposal at White House. Safe haven appeal of the bullion with the surging novel coronavirus infections and lockdowns with the wilting economic health also added the upside. However, the yellow metal for the most active contract tallied near 8% gain for the month.
Gold futures for August climbed by 0.5% to $1,914.20 an ounce on the Comex division of the New York Mercantile. While, spot gold rose to 0.2% at $1,911.45 per ounce.