Gold Prices traded lower on Tuesday as positive economic data and U.S. earnings boosted risk sentiment, dampening demand for the safe-haven precious metal.
At 9:02 AM ET (13:02 GMT), gold futures for June delivery on the Comex division of the New York Mercantile Exchange fell $9.45, or 0.7%, to $1,281.85 a troy ounce.
China saw housing prices rise in March at the fastest pace since April 2017 which – adding to better-than-expected export and credit numbers released last week – eased concerns over the slowdown in the world’s second-largest economy.
The German ZEW economic sentiment jumped past expectations in April, reflecting a less gloomy outlook in the motor of the euro area’s economy.
Concerns over a global slowdown, particularly in China and Europe, generally boost the safe haven appeal of gold.
Upbeat quarterly reports from Bank of America (NYSE:BAC), UnitedHealth (NYSE:UNH) and Johnson & Johnson (NYSE:JNJ) also boosted risk sentiment on Tuesday to the detriment of the yellow metal as investors took positions in U.S. equities.
In other metals trading, silver futures lost 0.7% at $14.873 a troy ounce by 9:03 AM ET (13:03 GMT).
Palladium futures advanced 0.3% to $1,338.75 an ounce, while sister metal platinum traded down 0.2% at $892.40.
In base metals, copper gained 0.1% to $2.938 a pound.