Gold futures almost unchanged on searching for direction

Gold futures on the COMEX division of the New York Mercantile Exchange almost remained unchanged on Tuesday as very little news came out and investors were looking for market direction.

The most active gold contract for August delivery fell 0.5 U.S. dollars, or 0.04 percent, to settle at 1316.5 dollars per ounce.

Analysts describe the market as strange because demand is steady but the price remains unswayed by speculators. Some analysts believe that gold looks good and project a rise in the precious metal this week. Other analysts believe that gold has done enough on the upside for the time being, although the downside is fairly limited.

Silver for September delivery lost 0.1 cents, to close at 21. 013 dollars per ounce. Platinum for October delivery gained 0.9 dollars, or 0.06 percent, to close at 1496.5 dollars per ounce.