On Monday, gold futures on the COMEX division of the New York Mercantile Exchange experienced a decline as U.S. Treasury yields increased. The most active gold contract for April delivery dropped by 10.50 U.S. dollars, or 0.51 percent, settling at 2,038.90 dollars per ounce.
Gold prices were impacted by chart-based technical selling, adding to the downward pressure. Additionally, the U.S. Commerce Department released data showing that new-home sales in the United States rose by 1.5 percent to an annual rate of 661,000 in January, from a revised 651,000 in the previous month.
Investors are now awaiting the upcoming U.S. gross domestic product report, scheduled to be released on Wednesday. This report could provide further insight into the state of the economy and potentially influence gold prices.
Alongside gold, silver futures for March delivery also saw a decline, falling by 45.60 cents, or 1.98 percent, to close at 22.526 dollars per ounce. Platinum futures for April delivery followed suit, dropping by 28.50 dollars, or 3.13 percent, to close at 881.10 dollars per ounce.
