Gold Silver Reports — Gold futures fell to a 3-week low as gains in equities and a stronger dollar curbed demand for the metal as a store of value. Silver extended its longest run of losses in eight months, and shares of miners slid the most since November.
Investors pulled back from gold as positive earnings results from some of the world’s biggest companies helped push the MSCI All-Country World Index higher. Dollar Spot Index touched a seven-week high amid rising odds of a U.S. interest-rate increase this year, curbing the appeal of precious metals, which don’t offer yields.
Gold Silver Slip as Dollar Cut Demand
“The dollar’s strength continues to pressure most commodities, particularly gold,” David Meger, director of metals trading at High Ridge Futures in Chicago, said in a telephone interview. “Safe-haven demand has been diminishing, obviously with equity markets moving to new record highs.”
Gold futures for August delivery slipped 1 percent to $1,318.50 an ounce at 10:29 a.m. on the Comex in New York, poised for the biggest loss in a week. Prices earlier touched $1,313.30, the lowest for a most-active contract since June 29.
Silver futures for September delivery declined 2.2 percent, set for the biggest loss since May 19. Prices are down for a fifth straight session, the longest streak since Nov. 13. — Neal Bhai Reports