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Market Updates

Gold Prices Hit by Stronger Dollar, Rising Treasury Yields

Investing.com - Gold prices fell on Wednesday, nearing their recent two-week lows as a stronger dollar and rising Treasury yields weighed on demand for the precious metal.

Gold futures for June delivery on the Comex division of the New York Mercantile Exchange were down $7.30 or 0.54% to $1,325.90 a troy ounce by 04:41 AM ET (08:41 AM GMT), within easy reach of the two-week low of $1,323.80 set on Monday.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was up 0.3% to a seven week high of 90.82.

The dollar was boosted by rising U.S. yields and the prospect of a faster pace of rate hikes by the Federal Reserve this year.

Expectations of higher interest rates make the dollar more attractive to investors seeking yield. The yield on 10-year U.S. Treasury notes rose above 3% for the first time since 2014 on Tuesday, a sign of confidence in the outlook for the U.S. economy.

Upbeat data on U.S. new home sales and consumer confidence on Tuesday underlined expectations that the economy will continue to grow in the coming months.

A stronger U.S. currency has made dollar denominated gold more expensive for overseas buyers recently, while rising Treasury yields have stoked investors’ worries about higher interest rates, which tend to make gold, which does not pay interest, less attractive relative to Treasury’s.

In other precious metal trade, silver futures were down 0.8% to $16.57 a troy ounce, while platinum futures were down 0.97% to trade at $925.90.

Among base metals, copper futures slid 0.35% to $3.130 a pound.

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Japan stocks lower at close of trade; Nikkei 225 down 0.28%

Investing.com – Japan stocks were lower after the close on Wednesday, as losses in the Retail, Fishery and Food sectors led shares lower.

At the close in Tokyo, the Nikkei 225 declined 0.28%.

The best performers of the session on the Nikkei 225 were Otsuka Holdings Ltd (T:4578), which rose 5.53% or 287.0 points to trade at 5478.0 at the close. Meanwhile, Eisai Co., Ltd. (T:4523) added 3.17% or 226.0 points to end at 7364.0 and The Kansai Electric Power Co. (T:9503) was up 2.13% or 32.5 points to 1555.0 in late trade.

The worst performers of the session were Showa Denko K.K. (T:4004), which fell 9.08% or 360.0 points to trade at 3605.0 at the close. Tokai Carbon Co., Ltd. (T:5301) declined 7.93% or 116.0 points to end at 1347.0 and Casio Computer Co., Ltd. (T:6952) was down 7.75% or 137.0 points to 1631.0.

Rising stocks outnumbered declining ones on the Tokyo Stock Exchange by 1743 to 1576 and 256 ended unchanged.

Shares in Eisai Co., Ltd. (T:4523) rose to 52-week highs; gaining 3.17% or 226.0 to 7364.0.

The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was down 1.35% to 16.10.

Crude oil for June delivery was up 0.24% or 0.16 to $67.86 a barrel. Elsewhere in commodities trading, Brent oil for delivery in June rose 0.19% or 0.14 to hit $74.00 a barrel, while the June Gold Futures contract fell 0.56% or 7.40 to trade at $1325.60 a troy ounce.

USD/JPY was up 0.37% to 109.22, while EUR/JPY rose 0.08% to 133.22.

The US Dollar Index Futures was up 0.31% at 90.84.

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Dollar Hits 7-Week Highs on Rising U.S. Yields

Investing.com - The U.S. dollar rose to seven-week highs against a currency basket on Wednesday, driven by rising Treasury yields with the U.S. 10-year bond yield reaching its highest level since early 2014.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, rose 0.31% to 90.84 by 03:56 AM ET (07:56 AM GMT), its highest level since March 1.

The dollar was boosted by rising U.S. yields and the prospect of a faster pace of rate hikes by the Federal Reserve this year.

Expectations of higher interest rates make the dollar more attractive to investors seeking yield. The yield on 10-year U.S. Treasury notes rose above 3% for the first time since 2014 on Tuesday, a sign of confidence in the outlook for the U.S. economy.

Data on Tuesday showing that U.S. new home sales and consumer confidence were both stronger underlined expectations that the economy will continue to grow in the coming months.

The dollar hit fresh two-and-a-half month highs against the yen, with USD/JPY rising 0.38% to 109.23.

The dollar pared early gains against the yen on Tuesday as declines in U.S. equities bolstered safe haven demand for the Japanese currency. Wall Street ended sharply lower amid warnings by companies of higher costs arising out of the surge in bond yields.

The euro was lower against the dollar, with EUR/USD down 0.29% to 1.2197, within sight of Tuesday’s two-month trough of 1.2181.

Investors were looking ahead to the European Central Bank’s monetary-policy meeting on Thursday to gauge whether officials are growing more confident on the inflation outlook.

The pound approached its recent five-week lows, with GBP/USD losing 0.21% to trade at 1.3948.

The Australian and New Zealand dollars plumbed fresh four-month lows, with AUD/USD down 0.41% to 0.7572 and NZD/USD off 0.56% at 0.7079.

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China stocks lower at close of trade; Shanghai Composite down 0.35%

Investing.com – China stocks were lower after the close on Wednesday, as losses in the Life Insurance, Real Estate Investments&Services and Financials sectors led shares lower.

At the close in Shanghai, the Shanghai Composite lost 0.35%, while the SZSE Component index declined 0.09%.

The best performers of the session on the Shanghai Composite were Starlake Bioscience Co Inc Zhaoqing Guangdong (SS:600866), which rose 10.11% or 0.440 points to trade at 4.790 at the close. Meanwhile, Founder Technology Group Co Ltd (SS:600601) added 10.06% or 0.310 points to end at 3.390 and Ningbo Zhongbai Co Ltd (SS:600857) was up 10.03% or 1.060 points to 11.630 in late trade.

The worst performers of the session were Hunan Baili Engineering Sci&Tech Co Ltd (SS:603959), which fell 10.00% or 3.260 points to trade at 29.330 at the close. Ningbo Peacebird Fashion Co Ltd (SS:603877) declined 9.06% or 2.73 points to end at 27.40 and Xiamen Overseas Chinese Electronic Co Ltd (SS:600870) was down 6.75% or 0.400 points to 5.530.

The top performers on the SZSE Component were Hangzhou New Century Info Tech (SZ:002280) which rose 10.06% to 7.00, Lepu Medical Tech Beijing (SZ:300003) which was up 10.01% to settle at 36.81 and Digital China Information Service Co Ltd (SZ:000555) which gained 10.00% to close at 15.84.

The worst performers were Cefc Anhui International Holding Co Ltd (SZ:002018) which was down 10.02% to 4.85 in late trade, Zhejiang Wanfeng Auto Wheel Co Ltd (SZ:002085) which lost 9.25% to settle at 9.12 and Hunan China Sun Pharma Machinery (SZ:300216) which was down 8.83% to 8.36 at the close.

Falling stocks outnumbered advancing ones on the Shanghai Stock Exchange by 672 to 648 and 48 ended unchanged.

Shares in Xiamen Overseas Chinese Electronic Co Ltd (SS:600870) fell to 52-week lows; down 6.75% or 0.400 to 5.530. Shares in Cefc Anhui International Holding Co Ltd (SZ:002018) fell to 5-year lows; falling 10.02% or 0.54 to 4.85. Shares in Lepu Medical Tech Beijing (SZ:300003) rose to 3-years highs; up 10.01% or 3.35 to 36.81. Shares in Zhejiang Wanfeng Auto Wheel Co Ltd (SZ:002085) fell to 52-week lows; falling 9.25% or 0.93 to 9.12.

The CBOE China Etf Volatility, which measures the implied volatility of Shanghai Composite options, was up 4.09% to 23.39.

Gold Futures for June delivery was down 0.54% or 7.20 to $1325.80 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in June rose 0.06% or 0.04 to hit $67.74 a barrel, while the June Brent oil contract rose 0.15% or 0.11 to trade at $73.97 a barrel.

USD/CNY was up 0.09% to 6.3113, while EUR/CNY fell 0.19% to 7.6989.

The US Dollar Index Futures was up 0.29% at 90.82.

Read More

Dollar Fueled by Four-Year High Yields

Investing.com - The dollar was driven higher against other major currencies in Asia on Wednesday morning as the yields on 10-year U.S. Treasuries topped 3%, increasing prospects of inflation. The yen and the Aussie were both weighed down by the yield-fueled greenback.

The U.S. dollar index that tracks the greenback against a basket of six major currencies last stood at 90.60, up 0.04% at 11:32PM ET (03:32 GMT).

As the U.S.-China trade conflict woes receded, global investors all eyed the rising United States 10-Year in recent days that surged to 3% on Tuesday, a new high since early 2014. The increase was driven by fears of rising inflation and speculations that the Federal Reserve will be more aggressive in raising interest rates in 2018.

The yield is a barometer for mortgage rates and other financial instruments. Higher yields could lead to higher mortgage and business loan interest rates, as well as reduced spending that would push stocks lower.

The USD/JPY pair gained 0.10% to 108.93. While a bearish equity market was often supportive for the anti-risk yen, the yen lost to the greenback that was sent higher by the yields. The spread between the 10-year US treasury yield and 10-year Japanese government bond yield also stood at 294 basis points, the widest since 2007.

The AUD/USD pair headed 0.17% lower to 0.7590. Although the Australian markets were closed for Anzac Memorial Day, the Aussie still slid against the greenback that was in a rally.

In China, The People's Bank of China set the fix rate of yuan against the dollar at 6.3066 versus the previous day's 6.3229. The USD/CNY pair eased 0.03% to trade at 6.3040.

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Day Ahead: Top 3 Things to Watch

Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow

1. US Treasury Rally Fear Overblown?

US stocks fell sharply on Tuesday as the rise in the U.S. 10Y Treasury yield above 3% spooked equity investors. Yet, some analysts remained adamant that the slump in equities on the back of rising bond yields was somewhat of an overreaction.

US Treasury 10-year yield above 3% is not enough to end the secular bull equity market, according to financial services firm Raymond James.

Rates, although rising, are still very low and investors are going to have to own stocks to have any hope of meeting their long-term return goals, said Raymond James.

Still, rising bond yields do pose a threat to certain areas of the equity market: High-dividend stocks.

Investors had sought dividend-heavy stocks, or bond proxies, during recent years as government bonds offered paltry yields but with bonds yields on the rise investors are expected to shun sectors such as utilities, real estate, and telecom.

Earnings will also be focus on Wednesday amid quarterly reports from a raft of companies including Facebook (NASDAQ:FB), Boeing (NYSE:BA), Visa Inc (NYSE:V), AT&T (NYSE:T) and eBay Inc (NASDAQ:EBAY).

The Dow Jones closed 1.74% lower at 24,024.13 on Tuesday.

2. Traders Eye Second-Straight Weekly Draw in US Crude Supplies

Inventory data from the Energy Information Administration (EIA) on Wednesday is expected to show a second-straight weekly draw in U.S. crude stockpiles.

Analysts forecast crude inventories fell by about 2.0 million barrels in the week ended April 20.

Investors on Tuesday appeared to cut their bullish on Middle East supply disruptions after Trump hinted that the U.S. and France were nearing an agreement to preserve the Iran nuclear deal.

Crude oil futures settled 1.4% lower at $67.70 a barrel.

3. Bitcoin $10,000 Eyed

Bitcoin rose to a more than one-month high on Tuesday as ongoing upbeat sentiment on cryptos and fading fears of regulatory pressures kept demand steady.

The rally in bitcoin since its slump on April 1 to $6,432.4 has lifted investor expectations that the popular crypto was set to test a key psychological level of $10,000.

“After fighting regulation headwinds and tax selling, the path of least resistance is higher, and I believe the sector still has much more upside in the long run,” President of Blue Line Futures Baruch told CNBC. “The ultimate upside is $11,500 to $11,800.”

Renewed investor demand for cryptos has been evident by a resurgence of inflows into the crypto space as the total cryptomarket cap has nearly doubled to about $432 billion in just under two weeks.

Read More

Mexico stocks lower at close of trade; S&P/BMV IPC down 0.82%

Investing.com – Mexico stocks were lower after the close on Tuesday, as losses in the Telecoms Services, Materials and Industrials sectors led shares lower.

At the close in Mexico, the S&P/BMV IPC fell 0.82%.

The best performers of the session on the S&P/BMV IPC were VOLARIS A (MX:VOLARA), which rose 3.45% or 0.38 points to trade at 11.39 at the close. Meanwhile, Grupo LALA SA de CV (MX:LALAB) added 1.77% or 0.42 points to end at 24.18 and El Puerto De Liverpool Sab De CV (MX:LIVEPOLC1) was up 1.14% or 1.47 points to 129.99 in late trade.

The worst performers of the session were Cemex SAB de CV (MX:CMXCPO), which fell 2.80% or 0.360 points to trade at 12.500 at the close. Alfa, S.A.B. De C.V. (MX:ALFAA) declined 2.45% or 0.590 points to end at 23.450 and Gruma SAB de CV (MX:GRUMAB) was down 1.78% or 4.03 points to 221.85.

Falling stocks outnumbered advancing ones on the Mexico Stock Exchange by 163 to 117 and 12 ended unchanged.

Gold Futures for June delivery was up 0.68% or 9.00 to $1333.00 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in June fell 1.33% or 0.91 to hit $67.73 a barrel, while the June Brent oil contract fell 1.08% or 0.81 to trade at $73.90 a barrel.

USD/MXN was down 0.60% to 18.8270, while EUR/MXN fell 0.38% to 23.0319.

The US Dollar Index Futures was down 0.14% at 90.56.

Read More

Brazil stocks lower at close of trade; Bovespa down 0.11%

Investing.com – Brazil stocks were lower after the close on Tuesday, as losses in the Real Estate, Electric Power and Public Utilities sectors led shares lower.

At the close in Sao Paulo, the Bovespa declined 0.11%.

The best performers of the session on the Bovespa were Qualicorp SA (SA:QUAL3), which rose 5.16% or 1.14 points to trade at 23.23 at the close. Meanwhile, Cosan SA Industria e Comercio (SA:CSAN3) added 4.63% or 1.75 points to end at 39.55 and Cielo SA (SA:CIEL3) was up 3.21% or 0.60 points to 19.30 in late trade.

The worst performers of the session were Ultrapar Participacoes SA (SA:UGPA3), which fell 3.48% or 2.19 points to trade at 60.81 at the close. Klabin Unt (SA:KLBN11) declined 3.22% or 0.67 points to end at 20.14 and BR Malls Participacoes SA (SA:BRML3) was down 2.70% or 0.30 points to 10.82.

Falling stocks outnumbered advancing ones on the BM&FBovespa Stock Exchange by 255 to 176 and 31 ended unchanged.

Shares in Ultrapar Participacoes SA (SA:UGPA3) fell to 52-week lows; falling 3.48% or 2.19 to 60.81. Shares in BR Malls Participacoes SA (SA:BRML3) fell to 52-week lows; falling 2.70% or 0.30 to 10.82.

The CBOE Brazil Etf Volatility, which measures the implied volatility of Bovespa options, was up 0.22% to 27.64.

Gold Futures for June delivery was up 0.68% or 9.00 to $1333.00 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in June fell 1.19% or 0.82 to hit $67.82 a barrel, while the July US coffee C contract rose 1.55% or 1.84 to trade at $120.42 .

USD/BRL was up 0.56% to 3.4714, while EUR/BRL rose 0.76% to 4.2464.

The US Dollar Index Futures was down 0.15% at 90.55.

Read More

Colombia stocks lower at close of trade; COLCAP down 0.89%

Investing.com – Colombia stocks were lower after the close on Tuesday, as losses in the Services, Agriculture and Public Services sectors led shares lower.

At the close in Colombia, the COLCAP declined 0.89%.

The best performers of the session on the COLCAP were Promigas (CN:PMG), which rose 2.96% or 220.0 points to trade at 7660.0 at the close. Meanwhile, Cemargos (CN:CCB) added 2.89% or 280.0 points to end at 9980.0 and Bancolombia Pf (CN:BIC_p1) was up 1.90% or 640.0 points to 34400.0 in late trade.

The worst performers of the session were Conconcret (CN:CIC), which fell 2.56% or 25.0 points to trade at 952.0 at the close. Cemex Latam Holdings SA (CN:CLH) declined 1.19% or 110.0 points to end at 9130.0 and Celsia SA (CN:CEL) was down 0.33% or 15.0 points to 4585.0.

Falling stocks outnumbered advancing ones on the Colombia Stock Exchange by 1 to 0.

US coffee C for July delivery was up 1.55% or 1.84 to $120.42 . Elsewhere in commodities trading, US cocoa for delivery in July rose 3.48% or 95.00 to hit $2823.00 , while the June Gold Futures contract rose 0.68% or 9.00 to trade at $1333.00 a troy ounce.

USD/COP was down 0.72% to 2783.50, while BRL/COP fell 1.24% to 802.12.

The US Dollar Index Futures was down 0.17% at 90.54.

Read More

Bitcoin Extends Rally Amid Improving Crypto Demand

Investing.com – Bitcoin rose to a more than one-month high on Tuesday as sentiment on cryptocurrencies continued to improve.

Bitcoin rose 6.80% to $9,459.9 on the Bitfinex exchange.

Bitcoin has rallied for two straight-weeks as fears over regulatory concerns ebbed somewhat, paving the way for investors to resume their bullish bets on the popular crypto, which looks set to test a key $10,000 level.

“After fighting regulation headwinds and tax selling, the path of least resistance is higher, and I believe the sector still has much more upside in the long run,” President of Blue Line Futures Baruch told CNBC. “The ultimate upside is $11,500 to $11,800.”

The total market cap of cryptocurrencies rose to about $432 billion, at the time of writing, from about $397 billion on Monday.

The total cryptomarket cap has nearly doubled in just under two weeks, pointing to renewed demand for cryptocurrencies, supporting a rebound in large-cap cryptos including Ethereum, Ripple XRP’s, Bitcoin Cash and Litecoin.

Ripple XRP rose 8.24% to $0.93408 on the Poloniex exchange, while Ethereum rose 11.27% to $707.95. BCH/USD rose 5.87%, While Litecoin rose 9.87% to $164.84.

Read More

Crude Oil Prices Settle Lower as Bets on New US Sanctions Against Iran Fall

Investing.com - Crude oil prices settled sharply lower on Tuesday as Trump hinted that the U.S. and France were nearing an agreement to preserve the Iran nuclear deal.

On the New York Mercantile Exchange crude futures for June delivery fell 1.4% to settle at $67.70 a barrel, while on London's Intercontinental Exchange, Brent fell 1.11% to trade at $73.88 a barrel.

French President Emmanuel Macron proposed that the agreement to keep the Iranian nuclear deal alive should block Iranian nuclear activity through 2025, end the country’s ballistic missile program and limit Iran’s influence in the Middle East, Bloomberg reported.

That forced some traders to abandon their bullish bets on new U.S. sanctions against Iran limiting the country’s oil output, extending the rally in oil prices.

Yet, underlying sentiment on oil prices remained positive amid ongoing investor expectations that OPEC cuts would continue to rid the market of excess supplies, which stood at just 12 million barrels above the five-year average, Reuters reported last week.

In November 2016, OPEC and other producers, including Russia agreed to cut output by 1.8 million barrels per day (bpd) to slash global inventories to the five year-average. The OPEC-led deal was renewed last year through 2018.

OPEC will meet in June to decide whether to extend the production-cut agreement.

Also limiting losses in crude oil prices were expectations for a second-straight weekly drop in U.S. crude supplies amid renewed refinery activity.

The U.S. Energy Information Administration at 10:30 EDT on Wednesday is expected to show U.S. crude stockpiles fell by 2.043 million barrels.

Read More

Gold Prices Set to Snap 4-Day Losing Streak as Dollar Rally Cools

Investing.com – Gold prices were on track to snap a four-day losing streak after the rally in U.S. treasury yields paused, weighing on the dollar which eased from two-month highs.

Gold futures for June delivery on the Comex division of the New York Mercantile Exchange rose by $8.70 or 0.66%, to $1,332.70 a troy ounce.

The 10-year US treasury yield hit 3% for the first time since 2014 but the move higher was met with resistance, pressuring the benchmark treasury yield to retreat below 3%, dragging the greenback lower.

That underpinned a move higher in gold prices but sentiment on the yellow metal remained negative somewhat amid growing investor expectations that the Federal Reserve could hike rates three more times this year.

Gold is sensitive to moves lower in both bond yields and the U.S. dollar – A weaker dollar makes gold cheaper for holders of foreign currency raising demand while a fall in U.S. bond yields, limits the opportunity cost of holding non-yielding assets such as bullion.

Waning geopolitical tensions, meanwhile, kept a lid on the yellow metal’s move higher after U.S. President Donald Trump said there was a “very good chance” at hashing out a trade deal with China.

Trump also confirmed that U.S. Treasury Secretary Steven Mnuchin will travel to China to discuss a trade deal.

In other precious metal trade, silver futures rose 0.65% to $16.70 a troy ounce, while platinum futures rose 1.27% to $934.10 an ounce.

Copper rose 0.69% to $3.13.

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Dollar Turns Negative as 10-Year Bond Yield Retreats Below 3%

Investing.com – The dollar eased from two-month highs against a basket of major currencies as U.S. bond yields retreated from multi-year highs but sentiment on the greenback remained positive amid upbeat economic data.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell 0.13% to 90.57 after hitting an intraday high of 90.85.

The 10-year U.S. treasury yield hit 3% for the first time since 2014 but the move above the key psychological level was met with resistance, pressuring the benchmark treasury yield to retreat below 3%, dragging the greenback lower.

The fall in treasury yields came despite data pointing to underlying strength in the U.S. economy after a raft of reports on housing and consumer confidence topped expectations, while manufacturing fell short.

The Commerce Department said Tuesday new home sales rose 4% to a seasonally adjusted annual rate of 694,000 units last month. That topped economists’ forecasts for 1.9% to 625,000 units.

The Conference Board’s consumer confidence gauge rose to a reading of 128.7 from 127.0 the previous month, topping economists’ forecast for a reading of 126.

The Richmond Fed manufacturing index slumped to -3 in April from its March reading of 15, undershooting economists’ estimates for a reading of 16.

The S&P/Case-Shiller 20-city home price index rose a seasonally adjusted 0.8% in February, and 6.8% for the year.

Elsewhere, GBP/USD rebounded from a recent slump to trade at $1.3973, up 0.23%.

EUR/USD rose 0.21% to $1.2235 despite investor concerns the European Central Bank could opt for a more cautious outlook on monetary policy tightening at a meeting this week.

USD/JPY tacked on 0.06% to Y108.77, while CAD/USD fell 0.15% to C$1.2830 as the latter pair came under pressure after the ongoing rally in crude oil prices underpinned the loonie.

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Morocco stocks higher at close of trade; Moroccan All Shares up 0.03%

Investing.com – Morocco stocks were higher after the close on Tuesday, as gains in the Hotels, Restaurants&Leisure, Beverage and Distributors sectors led shares higher.

At the close in Casablanca, the Moroccan All Shares rose 0.03%.

The best performers of the session on the Moroccan All Shares were Auto Nejma (CS:NEJ1), which rose 5.97% or 109 points to trade at 1934 at the close. Meanwhile, Oulmes (CS:OULM) added 5.88% or 100 points to end at 1800 and Maghreb Oxygene (CS:OXYG) was up 5.07% or 8.35 points to 173.00 in late trade.

The worst performers of the session were CDM (CS:CDM), which fell 5.17% or 30 points to trade at 550 at the close. Med Paper (CS:PAP) declined 3.85% or 1.00 points to end at 25.00 and Alliances (CS:ADI) was down 3.37% or 6 points to 160.

Rising stocks outnumbered declining ones on the Casablanca Stock Exchange by 19 to 15 and 5 ended unchanged.

Shares in Maghreb Oxygene (CS:OXYG) rose to 3-years highs; up 5.07% or 8.35 to 173.00.

Crude oil for June delivery was down 0.52% or 0.36 to $68.28 a barrel. Elsewhere in commodities trading, Brent oil for delivery in June fell 0.31% or 0.23 to hit $74.48 a barrel, while the June Gold Futures contract rose 0.65% or 8.60 to trade at $1332.60 a troy ounce.

EUR/MAD was up 0.11% to 11.2900, while USD/MAD fell 0.18% to 9.2225.

The US Dollar Index Futures was down 0.14% at 90.56.

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Russia stocks higher at close of trade; MOEX Russia up 0.12%

Investing.com – Russia stocks were higher after the close on Tuesday, as gains in the Telecoms, Power and Mining sectors led shares higher.

At the close in Moscow, the MOEX Russia gained 0.12%.

The best performers of the session on the MOEX Russia were United Company Rusal Plc (MCX:RUAL), which rose 4.07% or 1.100 points to trade at 28.100 at the close. Meanwhile, NPK OVK PAO (MCX:UWGN) added 3.27% or 23.5 points to end at 741.5 and NK RussNeft PAO (MCX:RNFT) was up 2.52% or 13.0 points to 529.5 in late trade.

The worst performers of the session were Rosseti ao (MCX:RSTI), which fell 2.27% or 0.0192 points to trade at 0.8278 at the close. Ros Agro PLC (MCX:AGRODR) declined 1.80% or 12 points to end at 656 and X5 Retail Group NV (MCX:FIVEDR) was down 1.73% or 33.5 points to 1906.5.

Rising stocks outnumbered declining ones on the Moscow Stock Exchange by 110 to 107 and 19 ended unchanged.

The Russian VIX, which measures the implied volatility of MOEX Russia options, was up 1.05% to 30.770.

Gold Futures for June delivery was up 0.75% or 9.90 to $1333.90 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in June unchanged 0.00% or 0.00 to hit $68.64 a barrel, while the June Brent oil contract rose 0.13% or 0.10 to trade at $74.81 a barrel.

USD/RUB was down 0.65% to 61.4036, while EUR/RUB fell 0.44% to 75.1000.

The US Dollar Index Futures was down 0.13% at 90.57.

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Netherlands stocks higher at close of trade; AEX up 0.40%

Investing.com – Netherlands stocks were higher after the close on Tuesday, as gains in the Oil&Gas, Consumer Services and Financials sectors led shares higher.

At the close in Amsterdam, the AEX rose 0.40% to hit a new 1-month high.

The best performers of the session on the AEX were ASR Nederland NV (AS:ASRNL), which rose 1.40% or 0.54 points to trade at 38.98 at the close. Meanwhile, Royal Dutch Shell PLC Class A (AS:RDSa) added 1.17% or 0.340 points to end at 29.330 and Unilever NV DRC (AS:UNc) was up 1.04% or 0.47 points to 45.60 in late trade.

The worst performers of the session were Randstad Holding NV (AS:RAND), which fell 2.77% or 1.52 points to trade at 53.28 at the close. Akzo Nobel (AS:AKZO) declined 2.31% or 1.80 points to end at 76.20 and Altice NV (AS:ATCA) was down 1.87% or 0.16 points to 8.29.

Falling stocks outnumbered advancing ones on the Amsterdam Stock Exchange by 66 to 56 and 12 ended unchanged.

Shares in ASR Nederland NV (AS:ASRNL) rose to all time highs; up 1.40% or 0.54 to 38.98. Shares in Royal Dutch Shell PLC Class A (AS:RDSa) rose to 3-years highs; rising 1.17% or 0.340 to 29.330.

The AEX Volatility, which measures the implied volatility of AEX options, was up 1.40% to 11.85.

Crude oil for June delivery was unchanged 0.00% or 0.00 to $68.64 a barrel. Elsewhere in commodities trading, Brent oil for delivery in June rose 0.15% or 0.11 to hit $74.82 a barrel, while the June Gold Futures contract rose 0.73% or 9.70 to trade at $1333.70 a troy ounce.

EUR/USD was up 0.19% to 1.2232, while EUR/GBP fell 0.09% to 0.8751.

The US Dollar Index Futures was down 0.13% at 90.57.

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Spain stocks lower at close of trade; IBEX 35 down 0.39%

Investing.com – Spain stocks were lower after the close on Tuesday, as losses in the Financial Services&Real Estate, Telecoms&IT and Building&Construction sectors led shares lower.

At the close in Madrid, the IBEX 35 declined 0.39%.

The best performers of the session on the IBEX 35 were Gas Natural (MC:GAS), which rose 1.67% or 0.340 points to trade at 20.720 at the close. Meanwhile, International Consolidated Airlines Group SA (MC:ICAG) added 1.67% or 0.118 points to end at 7.170 and Inditex (MC:ITX) was up 1.47% or 0.360 points to 24.810 in late trade.

The worst performers of the session were Banco Santander (MC:SAN), which fell 3.25% or 0.181 points to trade at 5.393 at the close. B. Sabadell (MC:SABE) declined 2.52% or 0.044 points to end at 1.722 and Siemens Gamesa Renewable Energy SA (MC:GAM) was down 1.55% or 0.210 points to 13.370.

Rising stocks outnumbered declining ones on the Madrid Stock Exchange by 91 to 86 and 24 ended unchanged.

Gold Futures for June delivery was up 0.74% or 9.80 to $1333.80 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in June rose 0.04% or 0.03 to hit $68.67 a barrel, while the June Brent oil contract rose 0.21% or 0.16 to trade at $74.87 a barrel.

EUR/USD was up 0.17% to 1.2230, while EUR/GBP fell 0.10% to 0.8750.

The US Dollar Index Futures was down 0.12% at 90.58.

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U.K. stocks higher at close of trade; Investing.com United Kingdom 100 up 0.38%

Investing.com – U.K. stocks were higher after the close on Tuesday, as gains in the Industrial Metals&Mining, Oil&Gas Producers and Forestry&Paper sectors led shares higher.

At the close in London, the Investing.com United Kingdom 100 rose 0.38% to hit a new 1-month high.

The best performers of the session on the Investing.com United Kingdom 100 were Shire PLC (LON:SHP), which rose 3.42% or 130.00 points to trade at 3930.00 at the close. Meanwhile, Royal Mail PLC (LON:RMG) added 2.86% or 16.20 points to end at 581.80 and BP PLC (LON:BP) was up 2.30% or 12.00 points to 533.60 in late trade.

The worst performers of the session were Paddy Power Betfair PLC (LON:PPB), which fell 4.85% or 355.00 points to trade at 6965.00 at the close. Dixons Carphone PLC (LON:DC) declined 3.46% or 7.20 points to end at 201.00 and Hikma Pharmaceuticals PLC (LON:HIK) was down 2.31% or 29.00 points to 1229.00.

Falling stocks outnumbered advancing ones on the London Stock Exchange by 1000 to 986 and 151 ended unchanged.

Shares in Royal Mail PLC (LON:RMG) rose to 3-years highs; up 2.86% or 16.20 to 581.80.

Gold Futures for June delivery was up 0.52% or 6.90 to $1330.90 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in June fell 0.23% or 0.16 to hit $68.48 a barrel, while the June Brent oil contract rose 0.01% or 0.01 to trade at $74.72 a barrel.

GBP/USD was up 0.27% to 1.3978, while EUR/GBP fell 0.15% to 0.8746.

The US Dollar Index Futures was down 0.07% at 90.63.

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Norway stocks higher at close of trade; Oslo OBX up 0.14%

Investing.com – Norway stocks were higher after the close on Tuesday, as gains in the Commercial Service And Supplies, Energy and Food, Beverages&Tobacco sectors led shares higher.

At the close in Oslo, the Oslo OBX rose 0.14% to hit a new all time high.

The best performers of the session on the Oslo OBX were DNO International ASA (OL:DNO), which rose 5.60% or 0.85 points to trade at 15.95 at the close. Meanwhile, Aker BP ASA (OL:AKERBP) added 3.33% or 8.40 points to end at 261.00 and Questerre Energy Corporation (OL:QEC) was up 3.26% or 0.19 points to 5.86 in late trade.

The worst performers of the session were BW LPG Ltd (OL:BWLPG), which fell 9.36% or 2.91 points to trade at 28.19 at the close. Telenor ASA (OL:TEL) declined 4.22% or 7.6 points to end at 175.1 and Norwegian Air Shuttle ASA (OL:NWC) was down 2.63% or 7.40 points to 273.90.

Falling stocks outnumbered advancing ones on the Oslo Stock Exchange by 99 to 83 and 25 ended unchanged.

Shares in DNO International ASA (OL:DNO) rose to 3-years highs; rising 5.60% or 0.85 to 15.95. Shares in Aker BP ASA (OL:AKERBP) rose to all time highs; rising 3.33% or 8.40 to 261.00.

Crude oil for June delivery was down 0.07% or 0.05 to $68.59 a barrel. Elsewhere in commodities trading, Brent oil for delivery in June rose 0.17% or 0.13 to hit $74.84 a barrel, while the June Gold Futures contract rose 0.51% or 6.70 to trade at $1330.70 a troy ounce.

EUR/NOK was up 0.40% to 9.6623, while USD/NOK rose 0.26% to 7.9036.

The US Dollar Index Futures was down 0.07% at 90.63.

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Turkey stocks lower at close of trade; BIST 100 down 0.79%

Investing.com – Turkey stocks were lower after the close on Tuesday, as losses in the Transport, Sports and Metal Products&Machinery sectors led shares lower.

At the close in Istanbul, the BIST 100 declined 0.79%.

The best performers of the session on the BIST 100 were Banvit Bandirma Vitaminli Yem Sanayi AS (IS:BANVT), which rose 6.72% or 1.080 points to trade at 17.150 at the close. Meanwhile, Cemtas Celik Makina Sanayi ve Ticaret AS (IS:CEMTS) added 3.68% or 0.190 points to end at 5.360 and Bizim Toptan Satis Magazalari AS (IS:BIZIM) was up 3.59% or 0.28 points to 8.08 in late trade.

The worst performers of the session were Tesco Kipa Kitle Pazarlama Ticaret Lojistik ve Gida Sanayi AS (IS:KIPA), which fell 8.02% or 0.260 points to trade at 2.980 at the close. Otokar Otomotiv ve Savunma Sanayi AS (IS:OTKAR) declined 6.54% or 6.40 points to end at 91.50 and TAV Havalimanlari Holding (IS:TAVHL) was down 5.69% or 1.48 points to 24.52.

Falling stocks outnumbered advancing ones on the Istanbul Stock Exchange by 231 to 117 and 57 ended unchanged.

Shares in Otokar Otomotiv ve Savunma Sanayi AS (IS:OTKAR) fell to 52-week lows; down 6.54% or 6.40 to 91.50.

Gold Futures for June delivery was up 0.50% or 6.60 to $1330.60 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in June fell 0.09% or 0.06 to hit $68.58 a barrel, while the June Brent oil contract rose 0.15% or 0.11 to trade at $74.82 a barrel.

USD/TRY was down 0.55% to 4.0868, while EUR/TRY fell 0.42% to 4.9975.

The US Dollar Index Futures was down 0.07% at 90.63.

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Greece stocks lower at close of trade; Athens General Composite down 0.13%

Investing.com – Greece stocks were lower after the close on Tuesday, as losses in the Retail, Banking and Telecoms sectors led shares lower.

At the close in Athens, the Athens General Composite fell 0.13%.

The best performers of the session on the Athens General Composite were Sarantiseg (AT:SRSr), which rose 4.64% or 0.65 points to trade at 14.65 at the close. Meanwhile, Flexopack SA (AT:FLXr) added 4.23% or 0.3000 points to end at 7.4000 and Centric Hold (AT:DESr) was up 3.99% or 0.006 points to 0.170 in late trade.

The worst performers of the session were Marfin Invest (AT:MRFr), which fell 3.14% or 0.005 points to trade at 0.160 at the close. Eurobank Ergasias SA (AT:EURBr) declined 2.92% or 0.0280 points to end at 0.9300 and Folli Follie (AT:HDFr) was down 2.71% or 0.46 points to 16.54.

Rising stocks outnumbered declining ones on the Athens Stock Exchange by 61 to 51 and 16 ended unchanged.

Shares in Flexopack SA (AT:FLXr) rose to 3-years highs; up 4.23% or 0.3000 to 7.4000.

Gold Futures for June delivery was up 0.47% or 6.20 to $1330.20 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in June rose 0.07% or 0.05 to hit $68.69 a barrel, while the June Brent oil contract rose 0.13% or 0.10 to trade at $74.81 a barrel.

EUR/USD was up 0.06% to 1.2216, while EUR/GBP fell 0.09% to 0.8751.

The US Dollar Index Futures was unchanged 0.00% at 90.69.

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Israel stocks higher at close of trade; TA 35 up 0.00%

Investing.com – Israel stocks were higher after the close on Tuesday, as gains in the Communication, Oil&Gas and Biomed sectors led shares higher.

At the close in Tel Aviv, the TA 35 gained 0.00%.

The best performers of the session on the TA 35 were Teva Pharmaceutical Industries Ltd (TA:TEVA), which rose 2.86% or 180 points to trade at 6465 at the close. Meanwhile, Bezeq Israeli Telecommunication Corp Ltd (TA:BEZQ) added 1.98% or 8.7 points to end at 449.0 and Israel Corp (TA:ILCO) was up 1.73% or 1160 points to 68090 in late trade.

The worst performers of the session were Alony Hetz Properties and Investments Ltd (TA:ALHE), which fell 1.98% or 65 points to trade at 3220 at the close. Tower Semiconductor Ltd (TA:TSEM) declined 1.94% or 181 points to end at 9160 and Bazan Oil Refineries Ltd (TA:ORL) was down 1.70% or 2.8 points to 161.5.

Falling stocks outnumbered advancing ones on the Tel Aviv Stock Exchange by 205 to 164 and 34 ended unchanged.

Crude oil for June delivery was up 0.50% or 0.34 to $68.98 a barrel. Elsewhere in commodities trading, Brent oil for delivery in June rose 0.50% or 0.37 to hit $75.08 a barrel, while the June Gold Futures contract rose 0.43% or 5.70 to trade at $1329.70 a troy ounce.

USD/ILS was up 0.49% to 3.5633, while EUR/ILS rose 0.55% to 4.3531.

The US Dollar Index Futures was up 0.01% at 90.70.

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Gold Rises as U.S. Dollar Falls, 10-Year Treasury Note Reaches 3%

Investing.com - Gold was higher on Tuesday, as the U.S. dollar fell and U.S. Treasury yields rose.

Comex gold futures for June delivery were up 0.54% to $1,331.10 a troy ounce as of 10:18 AM ET (14:18 GMT).

The price of bouillon was supported by a slightly weaker greenback. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, fell 0.10% to 90.60.

Gold is denominated in the U.S. currency and becomes more expensive for holders of other currencies when the dollar rises.

The dollar paused after rising to an overnight high of 90.84, its strongest level since March 1, as U.S bond yields surged. Bond yields have risen to their highest levels in four years, as inflation has added to expectations of continued rate hikes from the Federal Reserve.

The yield on the benchmark United States 10-Year Treasury note reached its highest level since January 2014 on Tuesday, at 3.00. The United States 2-Year note rose to 2.487, a level not seen since September 2008.

Expectations of higher interest rates tend to boost the dollar by making the currency more attractive to yield-seeking investors.

Higher rates are a negative for gold as the precious metal, which does not pay interest, struggles to compete with yield-bearing assets when rates rise.

Gold had recently been under pressure from improvements in geopolitical tensions. North Korea has frozen its nuclear testing and the White House has extended its deadline on possible sanctions against Russia.

The precious metal is often sought by investors as a store of value in times of market turmoil and political uncertainty and tends to decline as investor confidence returns.

Elsewhere on the Comex, silver futures were up 0.68% to $16.700 a troy ounce. Among other precious metals, Platinum Futures rose 0.70% to $928.90, while Palladium Futures slumped 1.42% to $965.60 an ounce. Copper futures increased 1.33% to $3.152 a pound.

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U.S. Consumer Confidence Rises in April

Investing.com - Confidence among U.S consumers unexpectedly rose in April, according to data released on Tuesday.

The Conference Board's index of consumer confidence increased to 128.7, compared to a reading of 126.0 forecast by economists. The measure had decreased to 127.0 in the previous month.

The index looks at U.S. consumer’s views of current economic conditions and their expectations for the next six months. The index is closely watched by economists because consumer spending accounts for about 70% of U.S. economic activity.

The Present Situation Index increased from 158.1 to 159.6, while the Expectations Index improved from 106.2 last month to 108.1 this month.

“Consumer confidence increased moderately in April after a decline in March,” Lynn Franco, director of Economic Indicators at The Conference Board, said.

Franco noted that consumers’ assessment of current conditions improved somewhat, with consumers rating both business and labor market conditions quite favorably.

She further indicated that consumers’ short-term expectations also improved, with the percent of consumers expecting their incomes to decline over the coming months reaching its lowest level since December 2000 (6%).

“Overall, confidence levels remain strong and suggest that the economy will continue expanding at a solid pace in the months ahead,” Franco concluded.

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U.S. 10-Year Treasury Yield Hits 3%

Investing.com - The yield on 10-year U.S. Treasury notes hit its highest in more than four years at 3% shortly after the U.S. open on Tuesday.

Investors have been focused on the 10-year yield in recent sessions as it inched towards the key psychological level amid concerns that it could trigger a reaction in global financial markets.

The yield has been driven higher as strengthening inflation prospects added to expectations for a faster rate of monetary tightening from the Federal Reserve.

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Stocks- Wall Street Rises as Investors Shrug Off Bond Yield Worry

Investing.com - Wall Street was higher on Tuesday, despite rising bond yields, as investors look to corporate earnings releases.

The S&P 500 was up over 10 points or 0.41% to 2,681.22 as of 9:45 AM ET (13:45 GMT) while the Dow composite increased 96 points or 0.40% to 24,545.59 and tech heavy NASDAQ Composite rose 32 points or 0.46% to 7,161.55.

Investors have shrugged off worry over rising bond yields, with the 10-Year note reaching its highest level in four years, as inflation has added to expectations of continued rate hikes from the Federal Reserve.

Yields were higher on Tuesday, with the yield on the benchmark United States 10-Year Treasury note rising to 3.00%. The United States 2-Year note rose to 2.500, a level not seen since September 2008.

A higher than expected earnings season has bolstered investors confidence. Eight of 10 sectors in the S&P 500 reported a record level profit, according to FactSet.

Caterpillar (NYSE:CAT) was among the biggest gainers after the opening bell, rising 2.86% after its first quarter results beat expectations. Boeing (NYSE:BA) was up 1.91% while Verizon Communications Inc (NYSE:VZ) surged 2.15% after its earnings were higher than expected.

Elsewhere, Google (NASDAQ:GOOGL) was down 2.34% despite posting a higher than expected first quarter while Coca-Cola Company (NYSE:KO) fell 1.00%, also despite beating earnings expectations. Technology stocks were mixed, with Facebook (NASDAQ:FB) inching down 0.12% and Netflix (NASDAQ:NFLX) down 0.39%.

In Europe stocks were mixed. Germany’s DAX fell 28 points or 0.23% while in France the CAC 40 decreased nine points or 0.17% and in London, the FTSE 100 was up 12 points or 0.17%. Meanwhile the pan-European Euro Stoxx 50 fell eight points or 0.22% while Spain’s IBEX 35 slumped 45 points or 0.45%.

In commodities, gold futures rose 0.35% to $1,328.70 a troy ounce while crude oil futures increased 0.25% to $68.81 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, fell 0.09% to 90.61.

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Saudi Arabia stocks lower at close of trade; Tadawul All Share down 0.24%

Investing.com – Saudi Arabia stocks were lower after the close on Tuesday, as losses in the Agriculture&Food, Insurance and Industrial Investment sectors led shares lower.

At the close in Saudi Arabia, the Tadawul All Share fell 0.24%.

The best performers of the session on the Tadawul All Share were Al Sorayai Trading&Industrial Group (SE:1213), which rose 7.17% or 1.15 points to trade at 17.20 at the close. Meanwhile, Saudi Research and Marketing Group (SE:4210) added 7.03% or 7.20 points to end at 109.60 and Saudi Industrial Services Co. (SE:2190) was up 6.60% or 0.99 points to 15.98 in late trade.

The worst performers of the session were Arabian Cement Co (SE:3010), which fell 8.25% or 2.72 points to trade at 30.25 at the close. Saudia Dairy and Foodstuff .Co (SE:2270) declined 3.76% or 4.42 points to end at 113.20 and Dallah Healthcare Holding Company (SE:4004) was down 3.57% or 3.70 points to 99.90.

Falling stocks outnumbered advancing ones on the Saudi Arabia Stock Exchange by 120 to 67.

Shares in Al Sorayai Trading&Industrial Group (SE:1213) rose to 52-week highs; rising 7.17% or 1.15 to 17.20. Shares in Arabian Cement Co (SE:3010) fell to 5-year lows; down 8.25% or 2.72 to 30.25. Shares in Saudi Research and Marketing Group (SE:4210) rose to all time highs; up 7.03% or 7.20 to 109.60. Shares in Saudi Industrial Services Co. (SE:2190) rose to 52-week highs; gaining 6.60% or 0.99 to 15.98.

Crude oil for June delivery was up 0.04% or 0.03 to $68.67 a barrel. Elsewhere in commodities trading, Brent oil for delivery in June rose 0.05% or 0.04 to hit $74.75 a barrel, while the June Gold Futures contract rose 0.32% or 4.20 to trade at $1328.20 a troy ounce.

EUR/SAR was up 0.06% to 4.5806, while USD/SAR rose 0.02% to 3.7502.

The US Dollar Index Futures was down 0.02% at 90.67.

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Dollar Pauses as Boost from Treasury Yield Fades

Investing.com - The dollar took a breather on Tuesday after rising to seven week highs against a basket of the other major currencies, as a boost from rising Treasury yields faded.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, edged down to 90.62 by 08:13 AM ET (12:13 GMT), still within sight of an overnight high of 90.84, the strongest level since March 1.

The dollar had strengthened across the board on Monday as the yield on 10-year U.S. Treasury notes hit its highest in more than four years at 2.998%.

Yields climbed as strengthening inflation prospects added to expectations for a faster rate of monetary tightening from the Federal Reserve.

The yield backed off that level on Tuesday and was last at 2.971%.

The dollar was holding near ten-week highs against the safe haven yen, with USD/JPY last at 108.81 after surging 0.83% on Monday.

The Japanese currency, which is often sought in times of market turmoil and political uncertainty and tends to decline as investor confidence returns, has weakened in recent sessions as worries over geopolitical risks and trade tensions waned.

The euro was little changed, with EUR/USD last at 1.2214 after pulling away from a seven week low of 1.2185 set overnight.

The pound backed away from five-week lows, with GBP/USD edging up 0.14% to 1.3961, but gains were held in check as doubts over a prospective rate hike by the Bank of England next month weighed.

The dollar was weaker against its Canadian counterpart, with USD/CAD slipping 0.16% to 1.2829, off an earlier two-week high of 1.2861.

The Australian dollar rose to the highs of the day, with AUD/USD hitting 0.7621, while the New Zealand dollar was lower, with NZD/USD down 0.35% to 0.7126.

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Five Non-Tech Companies With A Lot At Stake In China

Investing.com - Any trade war between the U.S. and China will likely claim more victims than just the companies affected by the initial rounds of tariffs,
So far, the aerospace, chemicals, plastics and agriculture sectors are clear losers.
The semiconductor sector is particularly vulnerable given its high volume of sales in China.
Apple (NASDAQ:AAPL) and Boeing (NYSE:BA), which both rank among the top five in sales to China, are also definitely at risk.
Some less high-profile companies, however, have a lot at stake,
Here's five big, non-tech companies that rank in the top 20 in sales to China, according to Factset Research.
Procter & Gamble had $5.25 billion in sales to China in its most recent fiscal year. Starbucks (NASDAQ:SBUX), which is expanding aggressively in China, had $4.51 billion.
Nike (NYSE:NKE) was just behind it, followed by 3M and Abbott Labs.

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Gold Prices Pull Back From 2-Week Lows, Stronger Dollar Weighs

Investing.com - Gold prices pulled away from two-week lows on Tuesday, but struggled to make headway as a stronger dollar continued to weigh on demand for bullion.

Gold futures for June delivery on the Comex division of the New York Mercantile Exchange were up $3.80 or 0.29% to $1,328.00 a troy ounce by 04:34 AM ET (08:34 AM GMT).

Gold plumbed a two-week low of $1,323.80 on Monday and ended the day down 0.64%.

Prices remained under pressure from the broadly stronger dollar, which was holding steady near seven week highs against a basket of the other major currencies, boosted by rising Treasury yields.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, hit a high of 90.84, its highest since March 1 and was last at 90.77.

A stronger dollar makes dollar-denominated commodities, including gold, more expensive for holders of other currencies.

The yield on 10-year U.S. Treasury notes hit its highest in more than four years at 2.998% on Monday, as strengthening inflation prospects added to expectations for a faster rate of interest rate hikes from the Federal Reserve this year.

The yield later backed off that level and was last at 2.957%.

Higher interest rates are a negative for gold as the precious metal, which does not pay interest, struggles to compete with yield-bearing assets when rates rise.

Gold, which is often sought by investors as a store of value in times of market turmoil and political uncertainty and tends to decline as investor confidence returns, has weakened in recent sessions as worries over geopolitical risks and trade tensions waned.

In other precious metal trade, silver futures were up 0.47% to $16.66 a troy ounce, while platinum futures dipped 0.11% to trade at $921.40.

Among base metals, copper futures added on 0.95% to trade at $3.140 a pound.

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