MW: Gold, metals slip as Alcoa's results miss the mark
NEW YORK (MarketWatch) -- Gold and metals futures came under early pressure Tuesday, retreating after Alcoa Inc. kicked off U.S. earnings season with first-quarter results that missed analysts' expectations.
Gold for June delivery was down $6.70, or 0.6%, at $1,155.80 an ounce in electronic trading.
On Monday, gold futures ended at four-month high, shaking off early weakness tied to strength in the dollar.
After financial markets closed Monday, blue-chip aluminum producer Alcoa (AA 14.28, -0.30, -2.03%) reported a $201 million first-quarter net loss on weaker-than-forecast revenue.
Among other commodities, crude oil also felt pressure ahead of data expected to show rising inventories, further reducing gold's appeal as a hedge against higher prices.
And in currencies, the dollar index (DXY 80.38, -0.18, -0.23%) , which measures the U.S. unit against a basket of six major currencies, stood at 80.35, down 0.3%. The U.S. unit fell mostly against the euro, after Greece's auction of Treasury bills met strong demand. Read more on the Greek auction.
