Gold tumbles to one-month lows but still logs in monthly profit

Gold prices fell on Tuesday as the dollar rose against most major rivals, but the precious metal managed to mark monthly profits.

Earlier US data showed labor costs rose 1.2% in the first quarter, passing estimates of a 1% increase, and becoming the largest increase since the third quarter of 2022. 

The Conference Board Consumer Confidence index fell to 97 in April, while analysts expected a rise to 104. 

US 10-year treasury yields rose by 4.5 basis points to 4.659%, while 30-year yields rose by 3 basis points to 4.767%. 

The changes come ahead of the Federal Reserve’s policy decisions later this week, expected to maintain interest rates unchanged. 

Otherwise, the dollar index rose 0.7% to 106.2 as of 21:13 GMT, with a session-high at 106.3, and a low at 105.6. 

Gold June futures fell 2.3%, or $54.8 to $2302.9 an ounce, the lowest since April 2, while still marking a monthly profit of 2.9%.