Gold futures declined on Tuesday, with the precious metal suffering its lowest finish year to date, as equity benchmarks in the U.S. flirted with records and government bond yields advanced, reflecting growing appetite for assets perceived as risky over so-called havens.
The yellow metal may have also suffered from additional pressure as Bloomberg reported that Venezuela recently sold $400 million in gold, in a potential move to offset U.S. sanctions on the country.
Gold for June delivery on Comex fell $14.10, or 1.1%, to settle at $1,277.20 an ounce. That was the lowest finish for a most-active contract since Dec. 26, according to FactSet data.
Other metals finished lower Tuesday, with May silver down 0.4% at $14.915 an ounce and May copper lost 0.2% to $2.931 a pound. June palladium shed 0.5% to $1,328.40 an ounce, while July platinum fell 1.2% to $884.20 an ounce.
Source : MarketWatch