Gold Futures Settle Higher For 4th Straight Day
Gold prices moved higher on Tuesday, lifting the most active gold futures contract to a positive close for a fourth straight session, as the demand for the safe-haven asset rose amid a weaker dollar and lower bond yield.
The dollar hit a near 2-week low as rising optimism about economic growth dimmed the demand for the safe-haven currency. The dollar index dropped to 92.34, losing about 0.28% from previous close.
Gold futures for June ended higher by $14.20 or about 0.8% at $1,743.00 an ounce, the highest settlement in over five weeks.
Silver futures for May ended up $0.447 at $25.227 an ounce, while Copper futures for May settled at $4.1165 per pound, down $0.0210 from previous close.
Investors are looking ahead to the minutes of the Federal Reserve’s latest policy meeting.
The Fed publishes minutes from its March meeting on Wednesday, with investors looking for insight as to what it will take for policymakers to begin tightening sooner than expected.
The International Monetary Fund (IMF) raised its global growth projections for this year and next, citing huge fiscal stimulus in some big economies and a vaccine-driven recovery in the future.
The world economy is set to grow 6% this year and 4.4% next year, the global lender said in its latest World Economic Outlook report, released Tuesday.
In a January update to the WEO, the IMF had projected growth of 5.5% and 4.2%, respectively. The latest projections are also stronger than those in the October WEO report.