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Gold Rises as Dollar Falls on Deteriorating Consumer Confidence

M. Ali 25 May, 2021 11:30 pm Commodities, Market Update

Gold prices rose on Tuesday, supported by the decline of the U.S. Dollar (USD) against major currencies, and with stock markets showing a mixed performance.

In addition, a slight decline in U.S. consumer confidence provides support for safe haven assets, including the yellow metal.

Gold futures for June delivery increased by $13.50, or 0.7%, to close at $1,898 per ounce.

The gold’s most active contracts failed to restore the $1,900 level.

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