Prices of gold futures contracts fell sharply during Tuesday’s trading for a second day.
Demand for the yellow metal declined due to the rise in the value of the dollar against other major currencies, as well as the high yield on US Treasury bonds, with optimism for the prospects for the US economy in light of the acceleration of the vaccination program against the emerging corona virus.
The dollar value index rose yesterday to 93.35 points, or 0.4%, from its level the day before yesterday. The yield on US 10-year Treasury bonds rose to more than 1.778%, its highest level in 14 months.
The price of gold fell yesterday by $ 28.60; That is, 1.7% to $ 1686 an ounce for next June delivery. At the same time, gold prices fell by 28.30 dollars. That is, 1.7% to 1683.90 dollars per troy ounce, for next May delivery.
The price of silver fell yesterday by $ 0,634 to $ 24,137 an ounce for next May delivery, while the price of copper fell by $ 0.0560 to $ 3,9785 per pound for next May delivery.
In terms of economic news, an economic report published on Tuesday showed that consumer confidence in the United States increased more than expected during the current March.
The Conference Board’s consumer confidence index rose during the current month to 109.7 points, compared to 90.4 points during the past month, according to the revised data.
Analysts had expected the index to rise to 90 points during the current month, compared to 91.3 points during the past 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