Gold prices softened for a second day on Tuesday, sending the most-active futures contract for the yellow metal to its lowest level in a week, as a rebound in the U.S. dollar continued.
Price action
-
Gold futures
GCZ22,
-0.44%
expiring in December were down $6.70, or 0.4%, to $1,791 per ounce on Comex. -
Silver futures
SIU22,
-1.14%
expiring in September were off 20 cents, or 1%, to $20.07 per ounce. -
Palladium prices
PAU22,
-1.47%
for September delivery retreated $36.30, or 1.7%, to $2,122 per ounce, while platinum prices
PLV22,
-0.49%
shed $6.50, or 0.7%, to $927 per ounce. -
Copper for
HGU22,
+0.10%
September delivery was up by 1 cent to $3.63 per pound, recouping some of Monday’s losses following a broad-based selloff in industrial metals and oil.
What analysts are saying
Gold prices have softened early this week as the yellow metal retreated below the key $1,800 per ounce level, leaving it on track to snap its longest streak of weekly gains since December.
“The fact that gold isn’t shedding too much of its recent gains could be a positive sign over the medium term, although it would have to overcome what has become a strong barrier of resistance this past week,” said Craig Erlam, senior market strategist at OANDA.
The ICE U.S. Dollar Index
DXY,
a gauge of the dollar’s strength against a basket of rivals, was up 0.3%, while the 10-year Treasury yield
TY00,
gained three basis points to 2.823%.
