Gold futures edged lower on Tuesday after concerns over the volatile situation in Iraq somewhat eased with government forces able to push back militants to a certain extent. Further, the stronger dollar and the speculation that the Federal Reserve will further curb US monetary stimulus, reduced demand for the precious metal as an alternative investment too supported the downside.
Gold futures for August delivery settled down $4.80 to $1,270.50 an ounce on the Comex division of the New York Mercantile Exchange. While spot gold fell $1.00 at $1,270.29 an ounce.
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