2021.05.2618:59:00UTC+00Gold Futures Settle Higher Again

Despite the dollar's rebound from recent losses, gold futures settled higher on Wednesday, extending gains to a third consecutive session.

Inflation concerns and lower Treasury yields supported the yellow metal.

The dollar index rose by about 0.55% to 90.11, limiting gold's uptick.

Gold futures for June ended up by $3.20 or about 0.2% at $1,901.20 an ounce, the highest close since January 7.

Silver futures for July closed lower by $0.179 or 0.6% at $27.877 an ounce, while Copper futures settled at $4.5295 per pound, gaining $0.0230 or 0.3%.

The dollar had tumbled to multi-month lows in recent sessions, weighed down by comments by several Federal Reserve officials that any inflation will be transitory and the Fed will maintain its current dovish monetary policy stance.

Gold's movements over the next couple of days will depend largely on the data on inflation, growth and jobless claims.