Gold
futures fell for the second straight day as a rebound by the dollar
crimped demand for the precious metal as an alternative asset.
The
greenback rose for the first time in four sessions against a basket of
10 currencies. Yesterday, the gauge touched a six-month low. Gold has
gained 8.3 percent this year as the dollar dropped 1.5 percent. Federal
Reserve Chair Janet Yellen is due to testify today to the Joint Economic
Committee of the U.S. Congress.
Gold
futures for June delivery fell 0.5 percent to $1,302.10 an ounce at
9:39 a.m. on the Comex in New York. Yesterday, the price dropped 0.1
percent. On May 5, the metal reached $1,315.80, the highest in almost
three weeks, as escalating turmoil in Ukraine boosted demand for a
haven.
In
2013, gold tumbled 28 percent, the most since 1981, partly on
expectations the Fed would reduce monetary stimulus as the economy
recovers.
Copy Source: Bloomberg
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