NEW YORK (MarketWatch) -- Gold futures climbed to a five-week high Tuesday, as renewed trade tensions between the U.S. and China and a slide in the U.S. dollar boosted demand for the precious metal.
Gold for June delivery settled up $4.60, or 0.7%, at $681.50 an ounce on the New York Mercantile Exchange. It reached a high of $686.80 in intraday trading, the highest price seen for that contract since Feb. 28.
"The U.S. currency took another hit this morning after overnight data showed a widening (actually a doubling) Chinese trade surplus," said Jon Nadler, analyst at Kitco Bullion Dealers.
"Bullion was also bolstered by rising crude oil prices which showed strength after several sessions of significant weakness."
China's trade surplus widened to $46.4 billion from $23.3 billion. U.S. trade officials on Monday filed two cases against China before the World Trade Organization, charging that Beijing has failed to crack down on copyright violations on a wide range of products and maintaining barriers to trade in books, music, videos and movies
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