Gold turned negative on Wednesday, as the dollar briefly pared losses following US manufacturing data and US equities came off their lows, while the market tried to assess how close the Federal Reserve is to raising interest rates.
Data showed US manufacturing activity expanded for a third straight month in May, but growth in new orders slowed further as factories grappled with sluggish overseas demand and weak capital spending in the energy sector.
Spot gold was down 0.4 percent at $1,210.31 an ounce by 2:50 pm EDT (1850 GMT), falling for the tenth out of the last 11 sessions. Gold shed around 6 percent in May, its biggest decline in six months.
US futures for August delivery settled down 0.2 percent at $1,214.70 an ounce.
Comments
Comments are closed.