Gold finishes up about 1% Tuesday, book highest close in 2 weeks


Gold futures closed higher Tuesday, scoring a fourth straight session of gains, as weaker U.S. economic data rattled the stock market and put a shine back on the precious metal. Gold for June delivery GCM22, -0.34% GC00, -0.34% added $17.60, or 1%, to settle at $1,865.40 an once on Comex. “Gold should remain supported as inflationary pressures weigh further, China’s COVID situation remains a big unknown, and corporate America continues to slash outlooks,” said Edward Moya, senior market analyst in the Americas at Oanda. Gold’s climb came as a strong dollar DXY, +0.12% pulled back, along with Treasury yields, which hit a 3 1/2 year high earlier in May.

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