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 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 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 on Tuesday held on to last session™s more than one-week high on concerns around U.S.-China relations and as rising violent protests in the United States stoked fears of a resurgence in virus cases, while optimism on reopening of economies checked their rise.
Spot gold was flat at $1,739.48 per ounce, as of 0344 GMT. U.S. gold futures rose 0.1% to $1,752.10.
The U.S. is likely to revoke Hong Kong™s special status, and China would retaliate by limiting purchase of U.S....