Plus   Neg

Gold Futures Settle Lower For 2nd Straight Day

Gold prices drifted lower on Tuesday as riskier assets such as equities rose, with traders betting on hopes the reopening of businesses will help boost an economic recovery.

Profit taking after recent gains also contributed to the precious metal's fall for a second successive session.

However, growing unrest in several states across America due to protests over the killing of an unarmed person by the police and rising concerns about U.S.-China tensions limited gold's slide. A weaker dollar also supported gold at lower levels.

The dollar index slipped to 97.43 earlier in the day but recovered some lost ground subsequently. It was last seen hovering around 97.70, down 0.14% from previous close.

Gold futures for August ended down $16.60 or about 0.9% at $1,734.00 an ounce.

Silver futures for July ended lower by $0.567 at $18.260 an ounce, while copper futures for July settled at $2.4910 per pound, gaining $0.0205 for the session.

As businesses begin to reopen gradually, traders expect an economic recovery will pick-up steam and result in improved revenues for corporate houses.

On U.S.-China front, Chinese state-owned companies have reportedly been ordered to pause purchase of U.S. farm goods, including soybeans.

Meanwhile, U.S. President Donald Trump threatened to deploy the military to quell civil unrest erupting across the nation over George Floyd's death.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT