Gold futures drop to lowest settlement in almost a month

Gold futures logged their lowest settlement in about a month on Wednesday, as gains in the U.S. dollar dampened the value of holding the precious metal.

The ICE U.S. Dollar Index DXY, +0.20%  was up 0.4%, after tapping its highest level in a week, while U.S. equities tipped lower Wednesday as gold futures settled. Higher rates lift the appeal of holding dollars, while a stronger buck cuts the worth of holding nonyielding assets priced in dollars.

April gold GCJ6, -0.60%  dropped $24.60, or 2%, to settle at $1,224 an ounce. The settlement marks the lowest since Feb. 26, according to FactSet data. The SPDR Gold Trust GLD, -2.26%  was down 1.9%. May silver SIK6, -0.01%   sank 61.3 cents, or 3.9%, to $15.272 an ounce—the lowest settlement in a week.

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