A stronger U.S. dollar helped push gold lower Tuesday as the yellow metal fell for the third straight day. Joining it were lower prices in silver, platinum, and oil and retreating stocks.
In the daily bullion numbers, New York gold, silver and platinum futures declined 3.0 percent, 3.7 percent and 2.2 percent, respectively.
May silver dropped 51.8 cents to $13.357 an ounce.
April platinum fell $25.60 to close at $1,117.70 an ounce
Gold for April delivery declined $28.70 to end at $923.80 an ounce.
"Further easing in precious metals prices was noted overnight, as market participants took cues from yesterday’s massive Dow rally and exhibited rising degrees of risk appetite," wrote Jon Nadler, senior analyst at Kitco Bullion Dealers.
In spot trading, the London afternoon gold-fixing price — a benchmark for gold traded directly between big institutions — stood at $923.75 an ounce. The London market for silver and platinum were at $13.51 and $1,109.00, respectively.
Gold, considered a hedge during times of high inflation and economic uncertainty, tends to follow oil and move opposite to the U.S. dollar. A rising greenback makes dollar-denominated commodities, like bullion, more expensive for holders of other world currencies.
Oil and gas prices
Crude-oil for May delivery lost 18 cents, or 0.3 percent, to close at $53.98 a barrel while gas prices at the pump continue to rise. The average price for regular unleaded gasoline increased a penny to $1.966 a gallon, which is nearly six cents higher than a week ago.
U.S. stocks retreated Tuesday following the previous day’s surge. The Dow fell 115 points, or 1.5 percent, the S&P lost 17 points, or 2 percent, and the Nasdaq dropped 40 points, or 2.5 percent.