Gold futures settled at their lowest in more than week on Monday, with apparent progress in U.S.-China trade talks helping to dull haven-related demand for the metal, as investors also showed disappointment that recent weakness in the dollar has failed to provide support.
U.S. Treasury Secretary Steven Mnuchin said Saturday the U.S. and China are continuing to make progress on trade talks and “getting close to the final round of concluding issues.”
Gold for June delivery on Comex fell $3.90, or 0.3%, to settle at $1,291.30 an ounce. That was the lowest finish for a most-active contract since March 28, according to FactSet data,
The ICE U.S. Dollar Index was down less than 0.1% at 96.93 in Monday trading, with its month-to-date loss at 0.4%. It continued to weaken even after data showed that the New York Fed’s Empire State business conditions index rebounded to a reading of 10.1 from a nearly two-year low of 3.7 in March.
Source : Marketwatch