Gold Futures Fell to their Lowest in Four Months

Gold futures declined on Monday and touched their lowest in four months as the Greenback further strengthened in reaction to political and economic crisis in the euro zone. Investors were uncertain over the future outlook of Greece’s political scenario as fresh elections in the country are also doubtful. Analysts also foresee a messy breakup of Greece with the European Union.

Gold futures contract for June delivery fell 1.5 percent or $23 to settle at $1,561 per ounce on the Comex division of the New York Mercantile Exchange which happens to be its lowest since December 29th, 2011.

The US dollar also further gained which kept the precious metal down as the ICE dollar index DXY which tracks the greenback’s performance versus its major rivals advanced to 80.541 on Monday as compared to 80.250 on Friday’s North American trading session.

Among other metals, silver futures contract for July delivery fell 1.9 percent or $0.54 to settle at $28.35 per ounce while copper futures contract for the same month declined 2.6 percent or $0.09 to settle at $3.55 per pound.

Platinum futures contract for July delivery plunged 2 percent or $28.80 to settle at $1,442.60 per ounce while palladium futures contract for June slipped 1.4 percent or $8.55 to settle at $594.85 per ounce.

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