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Gold extended its slide on Tuesday, deepening its bear market phase, as investors unwind positions, with a stronger U.S. dollar and elevated Treasury yields reducing the yellow metal’s allure.
Spot gold
prices declined 2% before paring losses to 1% and trading at $4,335.97 per ounce. Gold futures for April delivery were last down over 1% at $4,358.80 per ounce. Spot silver fell more than 3% to $66.93 per ounce, while futures were 2.61% lower at $67.54.
The dollar index, which measures the strength of the greenback against a basket of currencies, was up 0.5% on Tuesday. A stronger dollar reduces greenback-priced bullion’s appeal by making it more expensive for holders of other currencies.
