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Gold continues to drop

English.news.cn   2014-06-03 05:49:29

CHICAGO, June 2 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange on Monday went down for six sessions in a row on good performance of U.S. equities in May.

The most active gold contract for August fell two U.S. dollars, or 0.16 percent, to settle at 1,244 U.S. dollars per ounce.

Gold reported the worst month of the year in May last week as investors continued to swarm into equities.

Upbeat economic data released Monday, however, curbed gold's fall somehow. The final Markit reading of U.S. manufacturing conditions in May totaled 56.4, compared to a preliminary reading of 56.2; the Institute for Supply Management reported that its updated manufacturing index rose to 55.4 percent in May from 54.9 percent in April; China's official manufacturing Purchasing Managers Index rose to 50.8 in May compared with 50.4 in April.

The 50-day moving average for gold has now crossed below the slower-moving, 200-day average, creating a "death cross." Gold now lacks clear driving forces. Market analysts warned that gold market is in for a tough time.

Silver for July delivery rose 5.7 cents, or 0.31 percent, to close at 18.739 dollars per ounce. Platinum for July delivery lost 16 dollars, or 1.1 percent, to close at 1,436.7 dollars per ounce.

Editor: Mu Xuequan
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