Gold falls as the dollar gains on strong US data

File Reuters

UNITED STATES (VOP TODAY NEWS) — Gold fell on Tuesday to a five-week low as the dollar rose on stronger-than-expected economic data and higher yields on US bonds.

At 1907 GMT, the spot price of gold fell 0.1 percent to $ 1285.57 an ounce. US gold futures fell 0.2 percent in the settlement to $ 1284.7 an ounce.

The dollar rose near a two-week high against the counterparts, supported by strong data on new home sales and service sectors in the United States, easing concerns about a slowdown in US economic growth.

Among other metals, spot silver rose 0.3 percent to $ 15.12 an ounce. Silver fell earlier to its lowest level since Dec. 27 at $ 15.01 an ounce.

Palladium fell 1.3 percent to $ 1513.88 an ounce, while platinum rose 0.2 percent to $ 836.35 an ounce.

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