Gold Futures Fell on Better US Economic Data
Gold futures fell on Monday as the US dollar strengthened in reaction better than expected US economic data. Data on US retail sales came upbeat reporting a surprise increase of 0.8 percent for the third consecutive month. Investors were also attracted towards the safe haven status of the precious metal due to debt crisis in euro zone.
Gold futures contract for June delivery declined 0.6 percent or $9.70 to settle at $1,650.50 per ounce on the Comes division of the New York Mercantile Exchange. Gold has gained 1.8 percent in the last week mainly due to news of further possible quantitative easing round. Weaker US dollar also boosted in price of commodities as its makes gold less expensive for the investors of the other currencies.
The dollar index DXY which tracks the US dollar’s performance versus its six major rivals fell to 79.758 on Monday as compared to 79.828 on Friday’s North American trading session.
Among other metals, copper futures contract for May delivery fell 0.8 percent or $0.03 to settle at $3.59 per pound while silver futures for the same month gained 0.2 percent or $0.07 to $31.44 per ounce.
Platinum futures contract for July delivery fell 0.9 percent or $14.40 to settle at $1,573.50 per ounce on NYMEX.