Gold futures extended recent losses and closed at near 3-week low on Tuesday, as the commodity’s safe-haven appeal dimmed after global equities moved higher amid signs of progress in Russia-Ukraine peace talks.
Gold prices dropped despite a weak dollar. The dollar index, which drifted down to 98.04, recovered some lost ground subsequently, but still remains notably lower at 98.50, about 0.6% down from the previous close.
Gold futures for April ended down by $27.60 or about 1.4% at $1,912.20 an ounce, losing ground for the third consecutive session.
Gold futures for June, the most active contract, settled lower by $26.70 or 1.4% at $1,918.00 an ounce.
Silver futures for May ended lower by $0.460 at $24.736 an ounce, while Copper futures for May settled at $4.7310 per pound, gaining $0.0055.
In U.S. economic news, a report released by the Conference Board showed an unexpected improvement in U.S. consumer confidence in the month of March.
The report showed the Conference Board’s consumer confidence index rose to 107.2 in March from a revised 105.7 in February. Economists had expected the index to dip to 107.0 in March from the 110.5 originally reported for the previous month.
The unexpected uptick by the headline index came as the present situation index jumped to 153.0 in March from 143.0 in February.