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Gold Settles Higher as the USD Declines Across the Board

M. Ali 19 May, 2021 12:56 am Commodities, Market Update

Gold prices rose on Tuesday, registering gains for the fourth consecutive session, as the U.S. Dollar (USD) continued to decline against major peers.

In addition, the rising consumer inflation in the United States leading to mixed expectations for the interest rates also increased the demand for safe-haven assets.

After trading lower earlier in the session, gold futures for June delivery rose marginally by 40 cents to close at $1,868 per ounce.

This marked the highest closing level for the yellow metal’s most-active contract since January 7.

Yesterday, the surge in gold prices marked the first time for a move above the 200-day moving average in months.

Meanwhile, silver futures for July delivery rose gained 6 cents, or 0.2%, to finish at $28.33 per ounce.

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