RTTNews - Gold prices finished lower on Tuesday, giving back some of last week's rally, as a better-than-expected consumer confidence report reduced the precious metal's attractiveness as a hedge investment. The drop was the first in five sessions for gold.
June gold settled at $953.30 per ounce, down $5.60 for the session. Prices dipped as low as $936.60 in early trading.
A Conference Board report showed that the consumer confidence index rose to 54.9 in May from an upwardly revised 40.8 in April. Economists had expected the index to edge up to 42.6 from the 39.2 originally reported for the previous month.
In other economic news, the S&P/Case-Shiller Home Price Index revealed a decline of 18.7% for the month of March. A decline of 18.4% was projected by economists, compared to an 18.63% decline last month.
The metal recovered some of its earlier losses as the U.S. dollar surrendered overnight gains versus other majors, helping gold's hedge value. The greenback hit a fresh six-month high against the pound and remained near its lowest mark in nearly five months versus the euro.
Last week, gold added more than $27.60 per ounce, its third straight weekly advance. The metal hit a two-month high of $963.10 on Friday.
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