Gold extended losses for a fourth straight day on Tuesday as outflows from physical gold funds pointed to weak investment appetite, though a retreat in the dollar took some pressure off prices.
The metal hit its lowest since early April at $1,281.40 an ounce on Monday, after peaking above $1,330 a week before on concerns over Ukraine. Though East-West tensions remain high, gold is no longer benefiting. U.S. gold futures for June delivery settled $7.40 lower at $1,281.10 an ounce, while spot gold was dropped 0.6 percent at $1,282 an ounce, while
“Traders seem to have given up on gold as a provider of safe haven at the moment,” Saxo Bank’s head of commodity research Ole Hansen said. “Instead the focus remain firmly on the United States, where earnings and economic data continue to indicate interest rates will rise sooner rather than later.