Gold futures on Tuesday posted a second consecutive session decline, with profit-taking and strength in global stock markets the key reasons cited among analysts for the fall in prices. U.S. unrest and tensions with China continue to feed a bullish backdrop for the gold market, analysts said.
August gold fell by $16.30, or 0.9%, to settle at $1,734 an ounce.
Gold futures marked a third straight session decline on Wednesday, posting their lowest settlement in more than three weeks. Strength in the U.S. stock market, as well as smaller-than-expected private-sector job losses in May pressured prices for the haven metal.
August gold fell by $29.20, or 1.7%, to settle at $1,704.80 an ounce. That was the lowest finish for a most-active contract since May 11, according to FactSet data.
Gold lost ground Wednesday, unable to find traction higher as demand for equities dulls haven-related demand for the precious metal.
Gold for August delivery on Comex was down $3.90, or 0.2%, at $1,730.20 an ounce. July silver was up 2 cents, or 0.1%, at $18.280 an ounce.
Stock-index futures pointed to a higher start for U.S. equities, which have pushed back to early March levels on optimism over efforts to reopen the economy. Gold has failed to find much in the way of traditional haven...
Gold prices dipped on Wednesday as equity markets rallied on economic optimism and hopes for further stimulus measures boosted risk-on sentiment.
Spot gold was down 0.2% at $1,722.93 per ounce, as of 1252 GMT. U.S. gold futures fell 0.3% to $1,729.70.
Asian equities were set to follow the global equity rally from Tuesday, on hopes of more government stimulus.
On Tuesday, stocks in the U.S., Europe and emerging markets hit their highest levels since early March.
Traders hope that the...
Gold dropped for a second day as traders assessed the haven™s merits amid a rally in stocks and positive signs from economies reopening, while also focusing on continued civil unrest across the U.S.
Businesses are resuming operations worldwide, while manufacturing gauges are painting a more optimistic picture. Activity in China has recovered to 80% to 85% of pre-virus levels, according to Bloomberg Economics. Still, risks to growth remain, including simmering U.S.-China relations...