Gold aficionado hoped the precious metal would rebound from a dismal May and attract investors who felt skittish about equity market highs. However, that remained in the balance as gold prices kicked off this month with a dive lower Monday.
Gold for August delivery dropped $1.60 to $1,244.40 per ounce. July silver climbed 6 cents or 0.3%, to $18.74.
Gold closed last week at its lowest level in four months, finishing the book on its worse month of the year as investors kept pouring into equities.
A busy week on the economic front began with two significant releases today. Analysts saw the ISM manufacturing index increased to 55.5 in May, from 54.9 in April. Construction spending for April ascended by less than 1%.
“Gold is seasonally weak between April and August. With that in mind, there could be a surprise on the weak side during this period in 2014 before the market picks up again in the final quarter of the year,” said Martin Murenbeeld of Dundee Capital Markets.
Meanwhile, short bets on gold were said to be at the highest level in 15 weeks. The latest figures from the US Commodity Futures Trading Commission showed short holdings bet on a plunge in gold climbed 72%, the largest profit in six months.
In metals trading, July platinum snipped $7.50 or 0.5%, to $1,445.20 per ounce. September palladium dived $2.05 to $833.60 per ounce. High-grade copper for July deliver grew 3 cents or 1%, to $3.15 per pound.
The material has been provided by InstaForex Company – www.instaforex.com
Gold aficionado hoped the precious metal would rebound from a dismal May and attract investors who felt skittish about equity market highs. However, that remained in the balance as gold prices kicked off this month with a dive lower Monday.
Gold for August delivery dropped $1.60 to $1,244.40 per ounce. July silver climbed 6 cents or 0.3%, to $18.74.
Gold closed last week at its lowest level in four months, finishing the book on its worse month of the year as investors kept pouring into equities.
A busy week on the economic front began with two significant releases today. Analysts saw the ISM manufacturing index increased to 55.5 in May, from 54.9 in April. Construction spending for April ascended by less than 1%.
“Gold is seasonally weak between April and August. With that in mind, there could be a surprise on the weak side during this period in 2014 before the market picks up again in the final quarter of the year,” said Martin Murenbeeld of Dundee Capital Markets.
Meanwhile, short bets on gold were said to be at the highest level in 15 weeks. The latest figures from the US Commodity Futures Trading Commission showed short holdings bet on a plunge in gold climbed 72%, the largest profit in six months.
In metals trading, July platinum snipped $7.50 or 0.5%, to $1,445.20 per ounce. September palladium dived $2.05 to $833.60 per ounce. High-grade copper for July deliver grew 3 cents or 1%, to $3.15 per pound.
The material has been provided by InstaForex Company – www.instaforex.com
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