Gold prices moved higher on Tuesday, rebounding from early losses, after the yield on US Treasury notes fell after an early uptick.
Gold futures slid early on in the session as US Treasury yields rose as investors awaited the outcome of auctions set to be held for 34 billion dollars of 52-week bills and 40 billion dollars of 42-day bills. Euro zone bond yields followed suit, but moves were contained after a hefty sell-off on Monday.
The dollar’s rebound from recent losses, limited gold’s uptick. The dollar index rose to 91.25, gaining nearly 0.2 per cent.
Gold futures for June ended higher by 7.80 dollars or about 0.4 per cent at 1,778.40 dollars an ounce, coming off early lows.
Silver futures for May ended up 0.003 dollars at 25.840 dollars an ounce, while Copper futures for May settled at 4.2130 dollars per pound, down 0.0250 dollars from previous close.