Gold prices settle near $1,900 an ounce

Published: May 25, 2021 at 1:37 p.m. ET

By

Myra P. Saefong

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DXY

-0.20%

GCM21

+0.84%

Gold futures climbed Tuesday to settle near $1,900 an ounce, a level the metal hasn't managed to reach since early January. Prices got a boost after data showed declines in the May U.S. consumer confidence index and April new home sales. The ICE U.S. Dollar Index DXY, -0.20% had already been dropping over the last few sessions, along with Treasury yields, "so the backdrop had already been positive for gold," said Brien Lundin, editor of Gold Newsletter. June gold GCM21, +0.84% rose $13.50, or 0.7%, to settle at $1,898 an ounce. Shortly after the settlement, prices in electronic trading climbed to as high as $1,899.40. Prices touched their highest most-active contract intraday and settlement levels since early January, according to FactSet data.

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Myra P. Saefong

Myra P. Saefong, assistant global markets editor, has covered the commodities sector for MarketWatch for 20 years. She has spent the bulk of her years at the company writing the daily Futures Movers and Metals Stocks columns and has been writing the weekly Commodities Corner column since 2005.