Gold down as Ukraine concerns ease

Gold futures on the COMEX division of the New York Mercantile Exchange on Tuesday fell as traders' concerns over Ukraine faded after the country's presidential election. The most active gold contract for June fell 26.2 U.S. dollars, or 2.03 percent, to settle at 1265.5 dollars per ounce. Gold fell as traders examined the Ukrainian election in which Ukrainian confectionery billionaire Petro Poroshenko won with about 55 percent of the vote. Further decreasing gold's appeal, Russia indicated it was ready to start talks with the president- elect. Positive U.S. data also put pressure on gold as a report from The Confidence Board indicated that consumer confidence index in May rose to 83, up from 81.7 in April. The same report said that 20.2 percent of consumers expect their incomes to grow over the next six months. Additionally, a report from the U.S. Commerce Department said that demand for durable goods in April rose 0.8 percent as the U.S. military boosted its orders. Analysts say that many global equity indices are rising higher, and as a result traders don't have any motivation to buy gold. Silver for July delivery lost 35.1 cents, or 1.81 percent, to close at 19.067 dollars per ounce. Platinum for July delivery lost 10.5 dollars, or 0.71 percent, to close at 1462.3 dollars per ounce.