Gold
futures declined for the fourth time in five sessions after a rise in
the dollar cut demand for the metal as an alternative investment.
The
Bloomberg Dollar Spot Index climbed to a three-week high as signs of a
slowdown in China highlighted the diverging fortunes of the world’s two
biggest economies, enhancing the appeal of the U.S. currency.
Gold
has posted two straight monthly declines after the greenback rose to
the highest since at least 2004 against a basket of 10 currencies and
concern mounted on prospects for higher U.S. borrowing costs.
Speculation that global central banks will push for more economic
stimulus helped limit declines in bullion on Monday.
On the Comex, gold futures for June delivery slid 0.4 percent to settle at $1,199.30 an ounce at 1:45 p.m. in New York.
Fed
policy makers were split at last month’s meeting on when to begin
raising rates. Rising rates curb gold’s appeal because the metal
generally only offers returns through price gains, prompting investors
to favor assets with better yield prospects such as equities and bonds.
Silver
futures for May delivery slid 0.6 percent to $16.291 an ounce on the
Comex. The metal has posted two straight weekly declines.
Source: Bloomberg
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