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Gold futures prices fell sharply in Tuesday’s session for a second day.
Demand for the yellow metal has declined due to the rise in the value of the dollar against other major currencies, as well as the high yield of US Treasuries, with optimism for the outlook for the US economy given the acceleration of the vaccination program against the emerging corona virus.
The dollar index rose yesterday to 93.35 points, or 0.4%, from its level the day before yesterday. The yield on 10-year US Treasuries rose to over 1.778%, its highest level in 14 months.
The price of gold fell yesterday by $ 28.60; Or 1.7% to 1,686 dollars an ounce for delivery next June. At the same time, the price of gold fell by 28.30 dollars. Or 1.7% to 1,683.90 dollars per troy ounce, for delivery next May.
The price of silver yesterday fell from $ 0.634 to $ 24,137 per ounce for delivery in May, while the price of copper fell from $ 0.0560 to $ 3,978 per pound for delivery in May. next.
In terms of economic news, an economic report released on Tuesday showed that consumer confidence in the United States rose more than expected during the current month of March.
The Conference Board’s consumer confidence index rose in the current month to 109.7 points, from 90.4 points last month, according to revised data.
Analysts had expected the index to rise to 90 points in the current month, from 91.3 points last month, according to preliminary data.
With the rise, which exceeded expectations, the Consumer Confidence Index in the United States reached its highest level since the outbreak of the emerging corona virus pandemic in March 2020.
Follow the economic statement via Google News
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