Gold prices were treading water on Tuesday after the most-active contract settled above $2,000 per ounce for the first time in three weeks on Monday.
Price action
-
The June gold contract
GC00,
+0.22% GCM23,
+0.22%
was flat at $2,000 an ounce on Comex. On Monday, it settled at $2,000.40 per ounce, the highest since March 10, according to Dow Jones Market Data. -
Silver futures expiring in May
SI00,
+0.83% SIK23,
+0.83%
fell by 13 cents, or 0.6%, to end at $24.02 an ounce. -
June palladium
PAM23,
+1.06%
gained $22.50, or 1.4%, to finish at $1,479 an ounce, while July platinum
PLN23,
+2.22%
gained $21, or 2.3%, to $1,019 per ounce. -
Copper prices due in May
HGK23,
-0.79%
declined by 2 cents, or 0.4%, to $4.03 per pound.
Market drivers
Precious metals analysts blamed a modest increase in Treasury yields on Tuesday for putting the brakes on gold’s latest leg higher.
“Gold prices are a bit weaker and silver a bit firmer in subdued early U.S. trading Tuesday. A modest rise in U.S. Treasury yields today is keeping the precious metals market bulls timid. April gold was last down $2.50 at $1,981.30 and May silver is up $0.044 at $24.055,” said Jim Wyckoff, senior analyst at Kitco.
The yield on the 10-year Treasury note
TMUBMUSD10Y,
was up 4 basis points at 3.467%.
This post was originally published on Market Watch
