Third day of losses the gold

Gold closed lower on Tuesday, completing three consecutive bearish sessions as bond yields continued to strengthen, dampening the attractiveness of the precious metal as an alternative investment.

Bond yields continue to move upwards as investors prepare for the first rise in US interest rates from their all-time low even in March. The yield in the two years of the USA today exceeded the level of 1% for the first time since February 2020, while the yield of 10 years climbed to the highest level since January 2020, over 1.8%.

Against this background, the February gold contract lost $ 4.10, or 0.2%, to $ 1,812.40 an ounce.

Silver traded stronger, with the March contract gaining 57 cents, or 2.5%, to $ 23,492 an ounce. Copper for the same month fell 0.9 percent to $ 4,383 a pound.

As for the rest of the metals, April platinum strengthened 1.5% to $ 979.50 per ounce, while palladium for March climbed 1.4% to $ 1,904.60 per ounce.