Gold futures ended at a near three-week low for a fourth straight day on Tuesday, as investors leaned toward riskier assets tracking rising global equity markets.
With no major macroeconomic reports out of the U.S., the precious metal was also impacted by the dollar continuing to strengthen against a basket of some major currencies, amid a recent batch of upbeat data. A weaker dollar encourages buying in dollar-priced commodities as it makes them cheaper to holders of other currencies.
Gold for June delivery, the most actively traded contract, dropped $9.80 or 0.7 percent to close at $1,424.50 an ounce Tuesday on the Comex division of the New York Mercantile Exchange.
Gold for June delivery scaled an intraday high of $1,444.90 and a low of $1,419.70 an ounce.
Yesterday, gold settled ended lower after some encouraging U.S. retail sales data ignited hopes of economic recovery and the dollar trading higher against some major currencies. Investors also weighed some mixed data out of China, which showed industrial production to have risen less than expected in April.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,051.65 tons.
The dollar index, which tracks the U.S. unit against six major currencies, traded at 83.56 on Tuesday, up from 83.22 late Monday in North American trade. The dollar scaled a high of 83.59 intraday and a low of 82.96.
The euro traded lower against the dollar at $1.2943 on Tuesday, as compared to $1.2975 late Monday in North America. The euro scaled a high of $1.3028 intraday and a low of $1.2932.
In economic news, the U.S. Labor Department said imports prices fell by 0.5 percent in April following a revised 0.2 percent drop in March. Economists had expected import prices to match the 0.5 percent decrease originally reported for the previous month. At the same time, the Labor Department said export prices slid 0.7 percent in April compared to a revised 0.5 percent decrease in March. Export prices had been expected to edge down by 0.1 percent.
From the eurozone, confidence among German investors increased less-than-expected in May as worries over the poor economic situation in area continued to weigh, a survey by the Centre For European Economic Research (ZEW) revealed. The ZEW indicator of economic sentiment rose marginally to 36.4 in May from 36.3 in April. This was notably below the score of 40 forecast by economists. The outcome was, however, better than in March, when the indicator fell by 12.2 points.
Eurozone industrial production growth accelerated more than expected in March, largely due to an increase in energy output. Industrial output advanced 1 percent month-on-month in March, Eurostat reported. The rate of growth was bigger than the 0.3 percent rise seen in February and the 0.5 percent growth forecast by economists.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.