Precious metals end moderately lower

A sharply higher U.S. dollar index impacts prices

Bullion prices ended the U.S. day session moderately lower on Tuesday, 07 April 2015 on a downside correction following good gains that had pushed gold prices to a six-week high on Monday. A sharply higher U.S. dollar index on this day also worked against the precious metals markets.

Gold for June deliver on Comex slid $8.00, or 0.7%, to $1,210.60 an ounce, while May silver lost 27 cents, or 1.6%, to $16.84 an ounce.

A day earlier, gold had rallied on Monday in a delayed reaction to a weak March U.S. jobs report released on Good Friday, when U.S. and most global markets were closed. The data saw investors scale back expectations for a rate hike by the Federal Reserve, which undercut the dollar.

The U.S. dollar index posted big gains on Tuesday, on a rebound from recent selling pressure. The other key outside market on Tuesday found crude oil prices higher. Crude oil prices have worked up from the multi-year low scored in mid-March. That's a bullish element for the precious metals markets.

Gold and other commodities priced in the currency tend to rise as the dollar falls and vice versa. A stronger dollar makes them more expensive to users of other currencies.

Economic data at Wall Street was limited to the Job Openings and Labor Turnover Survey and Consumer Credit. The February Job Openings and Labor Turnover Survey showed that job openings increased to 5.133 million from a revised rate of 4.965 million (from 4.998 million). The Consumer Credit report for February was showed an increase of $15.50 billion while the consensus expected a reading of $12.50 billion. The prior month's credit growth was revised to $10.80 billion from $11.60 billion.

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