Gold futures settle at a more than two-week low

Gold futures finished lower on Tuesday, with upbeat U.S. data on new-home sales and consumer confidence helping to further strengthen the dollar and push prices for the metal to their lowest settlement in just over two weeks.

Gold for June delivery GCM5, +0.09%  dropped $17.10, or 1.4%, to settle at $1,186.90 an ounce on Comex. The most-active contract hasn’t settled at a level this low since May 11.

July silver SIN5, +0.14%  lost 30.5 cents, or 1.8%, to end at $16.746 an ounce.

“The consumer confidence and U.S. home sales data were a real slap in the face if you are trading gold and hoping for the upside,” said Naeem Aslam, chief market analyst at AvaTrade.

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