PT. Equityworld Futures - Gold is losing its shine.
Prices
have erased almost all of this month’s gains, touching a two-week low
on Wednesday. American consumer confidence is proving resilient and the
housing market is gaining traction, reports showed this week. The
figures signaled that the economy is rebounding from its first-quarter
slump, dashing the hopes of gold bulls who were betting that cooler
growth would delay interest-rate increases.
Federal
Reserve Chair Janet Yellen said last week that rates will be raised
this year. Policy makers’ next meeting ends June 17. Higher rates drive
investors to favor assets that pay interest, including new bonds,
curbing the appeal of gold, which generally offers returns only through
price gains.
Gold
futures for August delivery dropped 0.1 percent to settle at $1,186.50
an ounce at 1:44 p.m. on the Comex in New York. The price touched
$1,183.90, the lowest for a most-active contract since May 12. The metal
fell for the fourth straight session, the longest slump since March 6.
Aggregate trading doubled compared with the 100-day average, data compiled by Bloomberg show.
This month, gold has climbed 0.3 percent, paring advances of as much as 4.2 percent.
Sumber : ewfpro.com
