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Gold down, logging worst monthly decline of 2014

English.news.cn   2014-05-31 04:56:56

CHICAGO, May 30 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell for a fifth session in a row on Friday, as increased strength in equities decreased the need for gold as a safe haven.

The most active gold contract for August fell 11.1 U.S. dollars, or 0.88 percent, to settle at 1246 dollars per ounce. Gold prices fell 3.5 percent for the week and 3.9 percent for the month, their biggest weekly and monthly declines of this year, data showed based on the most-active contracts.

Gold fell to a four month low as equities are hitting record highs. Analysts say that gold has been supported by geopolitics since March while strength in stocks has kept pressure on precious metals. Now with the Ukrainian tension easing, traders are returning to the stock market to invest, they added.

Further decreasing gold's appeal, data from the U.S.-based Institute for Supply Management showed that manufacturing in the Chicago area increased in April. The Purchasing Managers Index ( PMI) rose to 65.5 in May from 63.0 in April and is the highest since October.

However, the impact of this report was slightly offset by data released by the U.S. Commerce Department, indicating that consumer spending slipped a seasonally adjusted 0.1 percent in April.

Silver for July delivery lost 33.2 cents, or 1.75 percent, to close at 18.682 dollars per ounce. Platinum for July delivery lost 7.4 dollars, or 0.51 percent, to close at 1452.7 dollars per ounce.

Editor: Mu Xuequan
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