Gold falls a 5th session in a row, logs worst settlement since late April

Gold futures dropped on Tuesday for a fifth straight session, sending prices to their lowest settlement in more than a month.

The precious metal’s decline comes as upbeat U.S. economic data fueled expectations the Federal Reserve will nudge interest rates higher, dulling demand.

June gold GCM6, -0.13% dropped $22.30, or 1.7%, to settle at $1,229.20 an ounce. Prices marked the lowest settlement since April 14. Month to date, prices have lost about 4.8%.

New U.S. home sales surged by 16.6% in April to a seasonally adjusted annual rate of 619,000, the Commerce Department said on Tuesday. That was the biggest monthly jump in 24 years.

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