Gold Futures Lower in the Start of the Week
Gold futures contract fell on Monday but found some support from gaining oil futures and lower US dollar. Gold futures contract for June delivery fell 0.2 percent or $3.20 to settle at $1,588.70 per ounce on the Comex division of the New York Mercantile Exchange.
The precious metal gained 0.5 percent in the last week. Mainly negative news regarding the euro zone and Greeceâ€™s political turmoil has substantially affected the gold prices and are expected to affect more in future. Head trader, Matt Zema at Kingsview Financial form Chicago commented, â€œNegative headlines out of the euro zone would change things very quickly, If the situation in Europe deteriorates, people will continue to shed risk and sell their gold positions.â€
Gold could have post more losses but the lower US dollar came in support for the metal as the dollar index DXY which tracks the US dollarâ€™s movement versus its six major rival currencies fell to 81.131 on Monday as compared to 81.287 on Fridayâ€™s late trading hours. Weaker US dollar always support commodities as its makes gold and other commodities less expensive for investors holding foreign currencies.
Among other base metals, silver futures contract for July delivery fell 1.4 percent or $0.39 to settle at $28.32 per ounce while copper futures for the same month gained 1 percent or $0.03 to settle at $3.50 per pound.
Platinum futures contract for July delivery climbed 0.2 percent or $2.20 to settle at $1,461.50 per ounce while palladium future for June delivery advanced 1.2 percent or $7.20 to settle at $610.80 per ounce.
Rehan Khan has been involved in the financial sector for last 6 years. During that time he has been associated with many financial institutions, banks and brokerages. Rehan is also a graduate in finance and has been writing for last 2 years for various web publications.
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