Investing.com - Gold prices pulled back from a one-month high on Tuesday, breaking a three-day winning streak as risk aversion faded in financial markets.
At 9:15 AM ET (13:15 GMT), gold futures for June delivery on the Comex division of the New York Mercantile Exchange fell $5.45, or 0.4%, to $1,323.55 a troy ounce, pulling back from what a day earlier had been its highest level since Feb. 28.
Panic over the inversion of the bond yield curve in the U.S. - which caused a dive in stocks last Friday and drove buying of haven assets - subsided as policymakers and analysts downplayed the temporary nature of the event.
“Most analysts believe the inversion must last a considerable amount of time, even a quarter, for it to truly be forecasting a recession,” Investing.com analyst Darrell Delamaide explained.
Chicago Fed chief Charles Evans said Monday that he remains confident in the American economy and explained that the yield inversion was likely flatter than normal due to lower trend growth and lower interest rates.
In other metals trading, silver futures lost 0.5% at $15.492 a troy ounce by 9:17 AM ET (13:17 GMT).
Palladium futures fell 1.5% to $1,520.90 an ounce, while sister metal platinum edged down 0.1% at $862.30.
In base metals, copper inched up 0.1% to $2.859 a pound.