2021.05.2418:23:00UTC+00Gold Futures Settle Higher As Dollar Slips

Gold futures moved higher and hit a 5-1/2-month closing high on Monday as the dollar lost ground against most of its peers, and the yield on long-term treasury bonds dropped.

The decline of cryptocurrencies contributed as well to gold's uptick.

The dollar index dropped to a low of 89.76 around mid morning, and was last seen at 89.85, down nearly 0.2% from the previous close.

Gold futures for June ended higher by $7.80 or about 0.4% at $1,884.50 an ounce, the highest close since early January.

Silver futures for July closed up by $0.419 at $27.905 an ounce, while Copper futures for July settled at $4.5255 per pound, up $0.0445 from the previous close.

The yield on 10-year U.S. Treasury Notes dropped to 1.62% ahead of crucial economic data. Data on new home sales, consumer confidence, durable goods orders and personal income and spending are due during the course of this week.