Gold prices ended higher Tuesday for a second day in a row, with a pullback in the surging dollar helping to lift the yellow metal from its slump. Gold for June delivery (NYM:GC00) rose about 0.3%, to settle at $1,818.90 an ounce on Comex, after dipping below the key $1,800-an-ounce threshold in trade a day before. The ICE U.S. Dollar Index (IFUS:DXY) was down 0.8% Tuesday, following its rise to its highest in around 20 years on the back of the Federal Reserve's plans to raise interest rates aggressively this year to help tame high inflation. A stronger dollar can be a drag on commodities priced in the currency, making them more expensive to users of other currencies.
May 17, 2022, 1:33 p.m. EDT