Gold futures rose Tuesday, drawing at least short-term, safe-haven demand as stock futures point to a weak start.

Analyst notes continue to separate near-term gold gains from a bearish longer-term view, including in fresh warnings from Goldman Sachs and Citigroup.

Gold trading has been choppy to start the week, coming on the heels of a rally last week that drove the precious metal to its highest price in more than a year. Expectations for further monetary policy easing by the European Central Bank, which meets Thursday, has been behind gold’s latest rally, at least in euro terms.

“Traders may await Thursday’s ECB meeting, but the feel suggests a push today,” wrote Peter Hug, global trading director at Kitco Metals.

At last check, gold futures for April delivery GCJ6, 0.14% were up $11.20, or 0.9%, to $1,275.20 an ounce. May silver SIK6, -1.36% rose 1.2 cents, or 0.1%, to $15.645 an ounce.

Goldman Sachs commodities analysts, led by Jeffrey Currie, are out with largely bearish commodities update, calling this latest rally a mirage.

Currie and team backed their bearish view on gold, even as they point out they’re down about 5% on their bet against the rallying metal.

Citi analysts piped in, too. They warn that the 2016 gold surge is already flaming out.
Meanwhile, May copper HGK6, -2.82% edged down 2 cents, or 1.1%, to $2.26 a pound.

April platinum PLJ6, -0.65% rose $15.70, or 1.7%, to $943.50 an ounce, while June palladium PAH6, -0.79% fell $5.85, or 1%, to $571.75 an ounce.