Gold fell on Monday, retreating from the previous session's rally as investors worried about data showing a massive drop in money managers' bullish position on gold and silver futures.
Gold prices briefly fell below platinum, reversing platinum's unusual discount for the first time since September. Better US economic data have pressured gold, while supply fears in top producer South Africa have boosted platinum.
Spot gold fell 0.4 percent to $1,700.50 an ounce by 2:55 pm EDT (1855 GMT), after Friday's surprise $40 rally from intraday lows after a third straight monthly growth in US employment. US April gold futures settled down $11.70 at $1,699.80 an ounce, with trading volume slightly above in line with its 30-day average, preliminary Reuters data showed. In other precious metals, silver fell by 1.7 percent to $33.56 an ounce, while platinum rose 0.9 percent on the day to $1,691.74 an ounce and palladium rose 1.1 percent to $699.47 an ounce.
Comments
Comments are closed for this article.