Darren Kugler
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Darren Kugler in Commodities,

Gold futures settle at lowest level since November

Dollar rally helps dull demand for gold

Gold futures on Tuesday took a hit from a rally in the U.S. dollar, with prices for the precious metal logging their lowest settlement since November.

Concerns over the prospects of rising U.S. interest rates pushed the dollarDXY, +0.68% to multiyear highs, weighing on dollar-denominated commodities, which include gold.

The potential for rising interest rates this year also pressured U.S. stocks, but the steep declines in the stock market failed to offset pressure on gold from the rising dollar EURUSD, -1.14%

Gold for April delivery GCJ5, -0.22% lost $6.40, or 0.6%, to settle at $1,160.10 an ounce on Comex. That was the lowest settlement since Nov. 12, based on the most-active contracts. May silver SIK5, -0.12% also fell 14.3 cents, or 0.9%, to end at $15.633 an ounce.

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