Gold futures on the COMEX division of the New York Mercantile Exchange fell on Monday as a stronger greenback put pressure on the precious metal.
The most active gold contract for June delivery fell 5.9 U.S. dollars, or 0.50 percent, to settle at 1,183.00 dollars per ounce.
The U.S. dollar index, a measure of the greenback against a basket of major peers, rose by 0.13 percent to 94.99 in midday trading. Gold and the dollar typically move in opposite directions, which means if the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors.
Traders are waiting for a slate of economic data to be released later this week to get some indications as to the Fed’s timing on the interest rates hike. A retail sales report will be released on Wednesday and the weekly jobless claims report, as well as the Producer Price Index report is due on Thursday. Industrial production report is also due out on Friday.
Silver for July delivery lost 15.1 cents, or 0.92 percent, to close at 16.314 dollars per ounce. Platinum for July delivery fell 16.2 dollars, or 1.42 percent, to close at 1,127.30 dollars per ounce. Enditem