Metals Stocks: Gold extends slide to push below $1,300 as 10-year yield clears 3% and dollar rallies

Gold futures dropped Tuesday after upbeat U.S. economic data added to pressure from climbing rates in the benchmark 10-year Treasury, sending prices for the metal below the key $1,300 line to their lowest settlement of the year.

Gold logged a sixth loss in seven sessions as those reports showed sales at U.S. retailers rose in April for the second straight month, adding to evidence the economy sped up after a slower start to the year. A separate report showed a sharp snap back in New York economic growth.

“A trifecta of news, mostly economically positive, [were] all putting pressure on gold,” said Jeff Wright, executive vice president at GoldMining Inc.

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