Gold lost ground Wednesday, unable to find traction higher as demand for equities dulls haven-related demand for the precious metal.
Gold for August delivery on Comex was down $3.90, or 0.2%, at $1,730.20 an ounce. July silver was up 2 cents, or 0.1%, at $18.280 an ounce.
Stock-index futures pointed to a higher start for U.S. equities, which have pushed back to early March levels on optimism over efforts to reopen the economy. Gold has failed to find much in the way of traditional haven support despite incidents of civil unrest across the country. Alongside peaceful demonstrations against police brutality, incidents of looting and arson have occurred.
Meanwhile, Fritsch said gold is reliant on support from exchange-traded fund-related buying amid a dearth of demand from Asia as a result of the COVID-19 pandemic.
Source : Marketwatch