17.05.202218:05:00UTC+00Gold Futures Settle Higher For 2nd Straight Day As Dollar Drifts Lower

Gold prices moved higher on Tuesday, gaining for a second straight session as a weakening dollar boosted the yellow metal's safe-haven appeal.

The dollar index dropped to 103.23, losing nearly 1%.

Gold futures for June ended higher by $4.90 or 0.3% at $1,818.90 an ounce.

Silver futures for July ended up by $0.199 at $21.750 an ounce, while Copper futures for July settled at $4.2390 per pound, up $0.0475 from the previous close.

A report released by the Commerce Department showed retail sales in the U.S. increased by more than expected in the month of April, surging up by 0.9%, after jumping by an upwardly revised 1.4% in March.

Economists had expected retail sales to rise by 0.7% compared to the 0.5% increase originally reported for the previous month.

Excluding a rebound in sales by motor vehicle and parts dealers, retail sales rose by 0.6% in April after surging by 2.1% in March. Ex-auto sales were expected to edge up by 0.3%.