Gold futures settle at their highest in a week

Gold futures on Tuesday settled at their highest level in a week, as the U.S. dollar lost ground and bond markets in Europe tumbled, spurring a modicum of safe-haven demand.

Gold for June delivery on Comex GCM5, +0.04%  rose $9.40, or 0.8%, to settle at $1,192.40 an ounce. That’s the highest settlement since May 5. July silver SIN5, +0.30%  advanced 21.2 cents, or 1.3%, to $16.526 an ounce.

Read: China’s slowdown hurts now, but silver could see a 40% spike by year-end.

The dollar was weaker Tuesday, with the ICE dollar index DXY, -0.16% a measure of the U.S. currency against a basket of six major rivals, down 0.5%. A weaker dollar can be a positive for gold and other commodities priced in the U.S. unit as it makes them cheaper to users of other currencies.

European government bond prices retreated, pushing up yields. U.S. Treasurys followed suit, then bounced back from the early selloff. The yield on the 10-year Treasury TMUBMUSD10Y, +0.04%  was a bit lower when Comex metals trading ended, after earlier rising to a six-month high.

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