The price of gold slid for the fifth day in a row Tuesday as an improving economy and a stronger stock market weakens the metal’s appeal.
The actively traded June contract fell $3.80 to settle at $1,279.60 an ounce. That’s the lowest settlement price since Feb. 10, according to FactSet.
Prices for precious metals declined as the stock market moved higher Tuesday, following signs that the U.S. economy is recovering from a deep freeze this winter. Traders say expectations that an improving economy will lead to higher interest rates has drawn money out of gold and into the stock market.
Other metals were mixed. Silver for May delivery lost 6 cents to $19.69 an ounce. Copper for May rose a penny to $3.03 a pound.
Platinum for July gained $8.80 to $1,429.60 an ounce, and palladium for June gained $4.85 to $781.95 an ounce.
In other trading, the price of a bushel of corn rose 6 cents to settle at $5.08 a bushel.
Soybeans gained 21 cents to settle at $14.85 a bushel, while wheat dropped 12 cents to $6.85 a bushel.
Crude oil dropped $1.84 to $99.74 a barrel ahead of a U.S. government report on the country’s oil supply due out Wednesday.
In other trading on the Nymex:
– Wholesale gasoline fell 5 cents to $2.87 a gallon.
– Heating oil lost 4 cents to $2.89 a gallon.
– Natural gas lost 10 cents to $4.28 per 1,000 cubic feet.