Gold extends slump as stock market climbs up


The price of gold is sliding for the fifth day in a row as an improving economy and a stronger stock market weakens the metal's appeal.

The actively traded June contract fell $3.80 to settle at $1,280 an ounce on Tuesday. That's the lowest settlement price since Feb. 10, according to FactSet.

Prices for precious metals declined as the stock market climbed Tuesday. Traders say expectations that an improving economy will lead to higher interest rates has drawn money out of gold and into the stock market.

Silver for May delivery lost 6 cents to $19.69 an ounce. Copper for May rose a penny to $3.03 a pound.

Crude oil dropped $1.84 to $99.74 a barrel ahead of a U.S. government report on the country's oil supply due out Wednesday.

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