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Nobody Wants Gold as Prices Remain Directionless This Summer

TheStreet 2:35 mins

Gold trades slightly higher on Tuesday as traders cover their short positions in the yellow metal. Aurum Options Strategies principal Tom Vitiello tells TheStreet's Joe Deaux from the floor of the New York Mercantile Exchange that prices don't appear to have any near term drivers. Gold managed on Tuesday to hit its highest level in two weeks, but this wasn't necessarily because of a certain event, Vitiello says. Vitiello says there isn't any fear in the market from a geopolitical event, which means the near term direction for the yellow metal will remain flat for a sideways trade.

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