Gold prices gain Tuesday as consumer confidence in February falls from the prior month and misses the forecast of economists. Independent commodities trader Eric Zuccarelli tells TheStreet’s Joe Deaux traders have been on the short side of gold for all of 2014 and another weak economic data point has many scrambling to cover those positions on Tuesday. Zuccarelli says gold’s value around $1,300 an ounce is holding as emerging markets continue to struggle and as unrest has risen in places like Ukraine and Venezuela.
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