Gold Retreats Below $1210 on Stronger Dollar

Gold edged lower on Tuesday as the dollar recovered and global shares rose, but uncertainty about the timing of a U.S. interest rate increase kept bullion not far from a seven-week high above $1,200 an ounce.

Bullion rose to its highest since Feb. 17 on Monday, supported by a weakening dollar after U.S. non-farm payrolls data fuelled expectations that the Federal Reserve could delay an anticipated rate increase this year.

Spot gold was down 0.4 percent at $1,210 an ounce, while U.S. gold for June delivery slipped 0.7 percent to settle at $1,210.60 an ounce  The dollar rose 0.8 percent versus a basket of major currencies, aided by higher Treasury yields, while European shares also climbed, denting gold’s appeal as an insurance against risk.