Gold futures settled lower Monday, giving back earlier gains to extend their losses to a third session in a row, as a rise in U.S. Treasury yields weighed on the precious metal’s haven appeal, ahead of key central bank meetings this week and next.
The gold market saw “a little bit of profit-taking and consolidating around $1,500,” said Jeff Wright, executive vice president of GoldMining Inc. He said no asset considered a haven performed well in Monday trade.
The market’s awaiting news from the European Central Bank, which meets Thursday, as well as from the Federal Reserve, which meets next week, he added.
December gold fell by $4.40, or 0.3%, to settle at $1,511.10 an ounce after trading as high as $1,523.80. The most-active contract fell about 0.9% last week, according to FactSet data.
Some commodity experts remain bullish and point to gold’s trade above the $1,500-an-ounce mark as the demarcation line between bullish and bearish momentum in the commodity.
Source : Market Watch