Gold futures climbed Tuesday to settle near $1,900 an ounce, a level the metal hasn’t managed to reach since early January. Prices got a boost after data showed declines in the May U.S. consumer confidence index and April new home sales. The ICE U.S. Dollar Index had already been dropping over the last few sessions, along with Treasury yields, “so the backdrop had already been positive for gold,” said Brien Lundin, editor of Gold Newsletter. June gold rose $13.50, or 0.7%, to settle at $1,898 an ounce. Shortly after the settlement, prices in electronic trading climbed to as high as $1,899.40. Prices touched their highest most-active contract intraday and settlement levels since early January, according to FactSet data.
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