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Gold futures book second straight day of gains

39312 gold futures book second straight day of gains

Gold prices ended higher Tuesday for a second day in a row, with a pullback in the surging dollar helping to lift the yellow metal from its slump. Gold for June delivery gmc22 GC00, -0.01% rose about 0.3%, to settle at $1,818.90 an ounce on Comex, after dipping below the key $1,800-an-ounce threshold in trade a day before. The ICE U.S. Dollar Index DXY, -0.72% was down 0.8% Tuesday, following its rise to its highest in around 20 years on the back of the Federal Reserve’s plans to raise interest rates aggressively this year to help tame high inflation. A stronger dollar can be a drag on commodities priced in the currency, making them more expensive to users of other currencies.

Source: Marketwatch

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