WASHINGTON (dpa-AFX) - Gold prices drifted lower on Tuesday as demand for the safe haven asset dropped down following a jump in U.S. Treasury yields.
Expectations about economic recovery gathering momentum, and reports showing a drop in coronavirus cases, and speedier vaccination drive contributed as well to gold's decline.
The dollar index recovered after exhibiting weakness earlier in the day. The index rose to 90.64 from 90.12 touched in the Asian session, and was last seen at 90.55, up nearly 0.1% from previous close.
Gold futures for April ended down $24.20 or about 1.3% at $1,799.00 an ounce.
Silver futures for March closed lower by $0.003 at $27.325 an ounce, while Copper futures for March settled at $3.8340 per pound, up $0.0460 from previous close.
On the economic front, a report released by the Federal Reserve Bank of New York showed manufacturing activity in New York grew at its fastest pace in months in February.
The New York Fed said its general business conditions index climbed to 12.1 in February from 3.5 in January, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to rise to 6.0.
With the much bigger than expected increase, the general business conditions index reached its highest level since hitting 17.0 last September.
Copyright RTT News/dpa-AFX