Gold loses ground as dollar strengthens on downbeat global data

Gold futures declined on Tuesday, feeling pressure from a stronger U.S. dollar and rising bond yields in response to downbeat economic data out of China and Europe.

Price action

Market drivers

U.S. markets were closed Monday for the Labor Day holiday. Gold and silver both rose around 1.4% last week as a fall in Treasury yields reduced the opportunity cost of holding nonyielding assets. A rising dollar, however, was blamed for pressuring the commodities in Tuesday dealings , making them more expensive to users…