Gold prices fell again on Tuesday as a recovering U.S. dollar took its toll, with prices heading for a fifth day of losses in six sessions after the biggest pullback since February last week.
Price action
- Gold futures for June delivery GCM23, -0.33% fell by $15.80, or 0.8%, to $1,961 per ounce on Comex.
- July silver futures SIN23, -1.01% declined by 55 cents, or 2.3%, to $23.20.
- Palladium for June PAM23, -2.02% fell by $29, or 2%, to $1,463 per ounce, while July platinum PLN23, -1.00% declined by $10.20, or 0.9%, to $1,067 per ounce.
- Copper for July delivery HGN23, -1.45% fell by 6 cents, or 1.5%, to $3.63 per pound.
Market drivers
Gold prices have pulled back since the most-active contract logged its second-highest settlement level on record on May 4. It was the highest settlement since the all-time high reached in August 2020.
Whether the yellow metal rallies again is a question facing traders and analysts who have blamed the yellow metal’s troubles on the resurgence of the U.S. dollar.
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“In the past two weeks, the US dollar has shown signs of a short-term bullish resurgence,” said Kelvin Wong, senior market analyst at OANDA.
The ICE U.S. Dollar Index DXY, +0.31%, a closely followed gauge of the dollar’s value against other major currencies, was up 0.3% at 103.52 on Tuesday. Over the prior two weeks, the index has risen by 2%, its best such streak since September.
