Gold futures settled sharply lower on Tuesday, retreating from 5 week high as dollar peaked to a two year high level dulling the dollar denominated bullion buying. Stronger dollar makes the yellow metal expensive for third currency holders. Moreover, profit booking at prevailing higher rate and the climbing US Treasury Bond yields weighed down the gold investments.
Gold futures for June dipped by 1.4% or $27.40 to settle at $1959.00 ounce on the Comex division of the New York Mercantile. Spot gold down by 1.3% to $1,953.19 per ounce.