By Ira Iosebashvili and David Hodari 

Gold prices fell Wednesday, pushed lower by a strengthening dollar.

Gold for June delivery was closed down 0.2% at $1,256.80 a troy ounce on the Comex division of the New York Mercantile Exchange.

The Wall Street Journal Dollar Index was recently up 0.1% at 90.10, boosted by a higher-than-expected U.S. consumer confidence number reported Tuesday.

A stronger dollar tends to weigh on prices for metals, which are denominated in the U.S. currency and become more expensive to foreign buyers when the dollar appreciates.

Longer term, gold prices continue to benefit from the pause in the U.S. politics-driven reflation trade, ETF Securities's Nitesh Shah said. As for Europe, he added, the U.K. government's triggering of Article 50 -- which will start Brexit negotiations with the European Union -- and the French elections ought to continue to lend support to the safe haven metal.

Prices for gold are up 9% this year.

Silver for May delivery was unchanged at $18.25 a troy ounce. April platinum was off 0.5% at $952.50 a troy ounce, while June palladium dropped 0.3% to $790.20 a troy ounce.

In base metals, March copper contracts reversed losses to close up 0.1% at $2.6775 a pound.

Metal traders are looking ahead to President Donald Trump's expected meeting with the National Economic Council Thursday for any clues as to his tax strategy, Marex Spectron's Dee Perera said.

On top of this, Friday's quarter-end trading and Chinese manufacturing purchasing managers index figures could see activity pick up, Ms. Perera added.

Copper is used extensively in manufacturing and construction, making it sensitive to signs of economic weakness or strength.

Write to Ira Iosebashvili at ira.iosebashvili@wsj.com

(END) Dow Jones Newswires

March 29, 2017 16:04 ET (20:04 GMT)

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