Gold dips, set for biggest monthly loss in more than 2 years
Gold futures edged lower Monday, keeping the metal on track for its biggest monthly drop in more than two years.
Gold for December delivery GCZ5, -0.12% fell by $1.40, or 0.1%, to $1,054.80 an ounce, while December silver SIZ5, +0.34% gained 4 cents, or 0.3%, to $14.05 an ounce.
For November, gold is on track to lose 7.5%. That would be its largest monthly percentage fall since June 2013, according to FactSet data.
On Friday, the yellow metal fell to a fresh five-year low and suffered a sixth consecutive weekly loss.ø
“One driver for this persistent weakness is, of course, the strength in the U.S. dollar DXY, +0.12% ,” said Bill McNamara, technical analyst at Charles Stanley, in a note on Monday. He said “given that the U.S. currency looks set for further gains in the short to medium term,” that means the “outlook for the yellow metal remains under a cloud.”
McNamara added that “there is still little in the broader technical picture to suggest that a bottom formation is imminent.”
In U.S. economic news on Monday, a reading on November business activity in the Chicago area is due at 9:45 a.m. Eastern Time, followed by a report on pending home sales in October at 10 a.m.
Source: MarketWatch – Gold dips, set for biggest monthly loss in more than 2 years
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