Gold Futures Settle Sharply Lower For 2nd Straight Day

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Gold prices drifted lower on Tuesday, pushing the most active gold futures contract to a weak close for a second straight session.

A stronger dollar and rising bond yields weighed on gold prices. Optimism about strong U.S. economic recovery amid momentum in vaccination rollout and reopening of businesses dimmed the demand for the safe haven metal.

The dollar index advanced to 93.35, gaining about 0.4%. The yield on U.S. 10-year Treasury Note rose to a 14-month high at about 1.778% before easing slightly.

Gold futures for June ended down $28.60 or about 1.7% at $1,686.00 an ounce. May series gold futures contracts settled lower by $28.30 or 1.7% at $1,683.90 an ounce.

Silver futures for May ended down $0.634 at $24.137 an ounce, while Copper futures for May settled at $3.9785 per pound, down $0.0560 from previous close.

In economic news, consumer confidence in the U.S. skyrocketed by much more than anticipated in the month of March, according to a report released by the Conference Board.

The Conference Board said its consumer confidence index spiked to 109.7 in March from a downwardly revised 90.4 in February. Economists had expected the consumer confidence index to climb to 96.0 from the 91.3 originally reported for the previous month.

With the much bigger than expected increase, the consumer confidence index reached its highest level since the onset of the coronavirus pandemic in March of 2020.

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