Gold futures retreated on Monday, after a multiday rally as bullion, which has benefited from concerns about international trade clashes and a weakening global economy.
The yellow metal for August delivery fell $7.50, or 0.6%, to $1,337, after closing Friday action wit a weekly loss of 0.1% based on the most-active contract prices as of June 7, FactSet data show. Prices on Friday had climbed to as high as $1,362.20, the highest since April 2018.
Some commodity strategists say the precious metal could be facing resistance from bearish traders who think prices have climbed too briskly and the metal also is encountering a price point that is has failed to climb above since late June of 2016 when Britain voted to exit from the European Union, jolting global markets.
July silvermeanwhile, lost 4 cents, or about 0.3%, at $14.775 an ounce, after ending Friday’s trade with a 1.5% weekly loss.
Later Monday, the Office of the U.S. Trade Representative is due to open seven days of public hearings on the Trump administration's proposal to raise a 25% levy on $300 billion of Chinese exports, including consumer goods such as mobile phones and laptops.
Worry about the impact of U.S.-led tariff battle have helped to push prices for precious metals, which tend to rise in times of uncertainty, to new highs before values pulled back to end last week's trade.
Source : Marketwatch