Gold futures settle at a 5-week low

Gold futures posted a third straight decline on Monday to settle at their lowest in more than five weeks. Gold prices are slipping back towards support at the $1,850 area and 50 day short-term moving average as “rising short term yields and a stronger U.S. dollar act as a dead weight” on the metal’s recent gains, said Michael Hewson, chief market analyst at CMC Markets UK. “Nervousness ahead of tomorrow’s U.S. CPI is exerting upward pressure on yields with the picture set to become clearer once the numbers for January inflation drop.” Gold for April delivery
GCJ23,
-0.61%
fell $11, or 0.6%, to settle at $1,863.50 an ounce on Comex. Based on the most-active contract, prices finished the session at their lowest since Jan. 5, FactSet data show.