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Gold Futures Snap 4-day Losing Streak, Settle Sharply Higher

Gold prices moved up sharply on Tuesday, snapping a four-day losing streak, as yields on long term U.S. Treasury Notes and euro zone government bonds dropped and the dollar pared some recent gains.

The dollar index, which slid to 91.91, was last seen at 91.99, down 0.35% from previous close.

Gold futures for April ended up $38.90 or about 2.3% at $1,716.90 an ounce.

Silver futures for May ended higher by $0.914 at $26.183 an ounce, while Copper futures for May settled at $4.0085 per pound, down $0.0845 from previous close.

Euro zone bond yields fell after data showed the euro zone economy contracted more than previously estimated in the final three months of 2020 sequentially due to a sharp plunge in household consumption. GDP was down 0.7% quarter-on-quarter, falling more than initially estimated 0.6%. On yearly basis, GDP contracted by 4.9% in the fourth quarter.

The material has been provided by InstaForex Company – www.instaforex.com