Gold Futures Ended Lower for the Month

Gold futures remained lower on Monday and also posted loss for the month. The gold futures contract for June delivery slightly fell by 0.1 percent or $0.60 to settle at $1,664.20 per ounce on the Comex division of the New York Mercantile Exchange. For the month the precious metal was down by 0.5 percent.

Gold fell on lower equities and stronger greenback as the dollar index DXY advanced to 78.809 on Monday as compared to 78.720 on late Friday. Money managers have also cut their long positions on the precious metal, many perceive that there are less chances that gold prices will go higher.

Weaker US economic data also contributed to decline of commodities as the manufacturing activity in Chicago area fell to its lowest in 29 month in April. The report depicted that US consumers saved more in March.

Among other metals, silver futures contract for July delivery fell 1.3 percent or $0.40 to settle at $31.02 per ounce while the respective contract fell 4.5 percent for the month of April. Copper futures contract for the same month delivery gained less than $0.01 to $3.83 per pound and remained unchanged for the month.

Platinum futures contract for July delivery declined 0.2 percent or $3.80 to settle at $1,571.90 per ounce. Platinum was down 4.4 percent for the month of April. Palladium futures contract for June delivery gained 0.1 percent or $0.85 to settle at $682.35 per ounce and advanced 4.3 percent for the month.

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