Gold closes lower as dollar rallies

Gold futures closed lower on Tuesday, as the US dollar rose against most of its peers to a 2-week high amid focus on the latest updates regarding the pandemic.

Markets are still eyeing the latest developments regarding the pandemic, as India is still an exception to this, as it is now facing a sharp spike in the infection rate and deaths, while the health system is being overwhelmed.

While countries like the US and several European countries started to ease the lockdown restrictions thanks to their success in containing the outbreak.

The dollar index fell against a basket of currencies by 0.4% to 91.2 points as of 19:26 GMT, after it hit an intraday high and the highest level since April 22 at 91.3 points and the low at 90.8 points.

Gold June futures fell 0.9% or $15.8, and closed at $1,776 an ounce, with a day high of $1,799.5 and a low of $1,769.2.