Metals Stocks: Gold treads water after settling above $2,000 an ounce for first time in 3 weeks

Gold prices were treading water on Tuesday after the most-active contract settled above $2,000 per ounce for the first time in three weeks on Monday.

Price action
  • The June gold contract
    GC00,
    +0.11%

    GCM23,
    +0.11%

    was flat at $2,000 an ounce on Comex. On Monday, it settled at $2,000.40 per ounce, the highest since March 10, according to Dow Jones Market Data.

  • Silver futures expiring in May
    SI00,
    +0.60%

    SIK23,
    +0.60%

    fell by 13 cents, or 0.6%, to end at $24.02 an ounce.

  • June palladium
    PAM23,
    +1.30%

    gained $22.50, or 1.4%, to finish at $1,479 an ounce, while July platinum
    PLN23,
    +2.03%

    gained $21, or 2.3%, to $1,019 per ounce.

  • Copper prices due in May
    HGK23,
    -0.51%

    declined by 2 cents, or 0.4%, to $4.03 per pound.

Market drivers

Precious metals analysts blamed a modest increase in Treasury yields on Tuesday for putting the brakes on gold’s latest leg higher.

“Gold prices are a bit weaker and silver a bit firmer in subdued early U.S. trading Tuesday. A modest rise in U.S. Treasury yields today is keeping the precious metals market bulls timid. April gold was last down $2.50 at $1,981.30 and May silver is up $0.044 at $24.055,” said Jim Wyckoff, senior analyst at Kitco.

The yield on the 10-year Treasury note
TMUBMUSD10Y,
3.474%

was up 4 basis points at 3.467%.

This post was originally published on Market Watch

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