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Gold slides

FOREX_gold-slides-6-month-lows-as-us-stocks-dollar-index-gain2606_FXPIG

Gold prices fell to their lowest levels in more than six months on Tuesday, with the precious metal under pressure from gains in the U.S. stock market and a stronger dollar.

The June selloff in global risk assets, which was sparked by a fresh round of global trade friction, continued Tuesday in most Asian markets but European stocks mostly advanced and U.S. benchmark stock indexes edged higher. Global trade friction, however, has had a subdued impact in supporting haven gold so far. That leaves the metal almost exclusively tethered to dollar moves that are tracking higher U.S. interest rates.

August gold GCQ8, -0.48%  fell $6.30, or 0.5%, to $1,262.60 an ounce after trading as low as $1,256.40. The settlement Monday at $1,268.90 was its lowest finish of 2018 and the contract so far is down more than 3% in June.

A popular gold exchange-traded fund, the SPDR Gold Shares GLD, -0.31% was down 0.5%, feeding a decline of 3.1% so far in June. Gold-backed exchange-traded funds tracked by Thomson Reuters were headed for their weakest month since July 2017, as investors covered losses in stocks, commodities and other markets stoked by tariff disputes.

Meanwhile, U.S. economic fundamentals are strong, he added. On Tuesday, the U.S. consumer confidence index revealed a slid to 126.4 in June, from a revised 128.8 in May, but the data continues to show that American as still optimistic about the domestic economy.

The ICE U.S. Dollar Index DXY, +0.27% which reflects the dollar’s strength against a half-dozen rivals, was up 0.3% at 94.54 and about 2.6% higher for 2018 to date.

Higher rates and a stronger dollar are headwinds for commodities that don’t offer a yield and a strengthening buck tends to weigh on assets priced in the currency, including gold, making them more expensive for purchasers using other monetary units.

Meanwhile, China’s central bank issued draft guidelines on gold asset management products on Tuesday, in a bid to strengthen gold market supervision. Financial institutions are required to register with the central bank if they want to sell gold asset management products, the People’s Bank of China (PBOC) said on its website.

Elsewhere in metals trading, September silver fell 0.3% to $16.36 an ounce, poised for the lowest finish in about six weeks. A popular silver ETF, the iShares Silver Trust SLV, -0.20% fell 0.3%.

September copper HGN8, +0.03%  traded at $3.014 a pound, up nearly 0.2%. October platinum PLV8, +0.26%  added 0.4% to $874.50 an ounce, while September platinum PAU8, +0.46%  rose 0.4% to $939.50 an ounce.

Source: marketwatch.com

Gold prices fell to their lowest levels in more than six months on Tuesday, with the precious metal under pressure from gains in the U.S. stock market and a stronger dollar.

The June selloff in global risk assets, which was sparked by a fresh round of global trade friction, continued Tuesday in most Asian markets but European stocks mostly advanced and U.S. benchmark stock indexes edged higher. Global trade friction, however, has had a subdued impact in supporting haven gold so far. That leaves the metal almost exclusively tethered to dollar moves that are tracking higher U.S. interest rates.

August gold GCQ8, -0.48%  fell $6.30, or 0.5%, to $1,262.60 an ounce after trading as low as $1,256.40. The settlement Monday at $1,268.90 was its lowest finish of 2018 and the contract so far is down more than 3% in June.

A popular gold exchange-traded fund, the SPDR Gold Shares GLD, -0.31% was down 0.5%, feeding a decline of 3.1% so far in June. Gold-backed exchange-traded funds tracked by Thomson Reuters were headed for their weakest month since July 2017, as investors covered losses in stocks, commodities and other markets stoked by tariff disputes.

Meanwhile, U.S. economic fundamentals are strong, he added. On Tuesday, the U.S. consumer confidence index revealed a slid to 126.4 in June, from a revised 128.8 in May, but the data continues to show that American as still optimistic about the domestic economy.

The ICE U.S. Dollar Index DXY, +0.27% which reflects the dollar’s strength against a half-dozen rivals, was up 0.3% at 94.54 and about 2.6% higher for 2018 to date.

Higher rates and a stronger dollar are headwinds for commodities that don’t offer a yield and a strengthening buck tends to weigh on assets priced in the currency, including gold, making them more expensive for purchasers using other monetary units.

Meanwhile, China’s central bank issued draft guidelines on gold asset management products on Tuesday, in a bid to strengthen gold market supervision. Financial institutions are required to register with the central bank if they want to sell gold asset management products, the People’s Bank of China (PBOC) said on its website.

Elsewhere in metals trading, September silver fell 0.3% to $16.36 an ounce, poised for the lowest finish in about six weeks. A popular silver ETF, the iShares Silver Trust SLV, -0.20% fell 0.3%.

September copper HGN8, +0.03%  traded at $3.014 a pound, up nearly 0.2%. October platinum PLV8, +0.26%  added 0.4% to $874.50 an ounce, while September platinum PAU8, +0.46%  rose 0.4% to $939.50 an ounce.

Source: marketwatch.com

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