Commodities
Gold Prices Slip on Higher Treasury Yields, Rising Oil Costs
Gold prices dropped on Tuesday, weighed down by higher U.S. Treasury yields and rising oil costs.
The precious metal fell 0.3% to $4,403.37 an ounce at 05:54 ET (09:54 GMT), while gold futures declined 0.3% to $4,457.20 an ounce.
A stronger dollar can make gold more expensive for overseas buyers and reduce demand for the non-yielding metal.
The recent rally in gold has been tempered by a rise in oil prices, which increased the opportunity cost of holding bullion.
Analysts at ANZ expect central-bank buying to support gold's recovery above the $4,000-an-ounce level and forecast gold reaching $5,200 an ounce by year-end due to deteriorating international relations.