Gold futures resumed their march lower Thursday, courting fresh lows for the year, as a perky dollar, hovering near its highest level in nearly two years, proved to be a drag on precious metals.
Primary metals market focus, however, was pinned on the ICE U.S. Dollar Index which gained nearly 0.3% early Thursday. A stronger U.S. unit can make buying the buck-pegged commodity comparatively more expensive for investors using other currencies.
As the dollar gained, gold for June delivery was last down $1.20, or 0.1%, to $1,278.20 an ounce. The most-active contract settled at its lowest levels since about Dec. 26 on Tuesday, according to FactSet data, before the Wednesday rebound. May silver eased 9 cents, or 0.6%, to $14.825 an ounce.
Source : Marketwatch