The dollar, which often trades inversely with gold, has been supported in recent days as expectations for a U.S. Federal Reserve interest-rate hike has taken hold.
Rate-hike expectations have helped to weigh on the yellow metal. Higher interest rates tend to lift demand for greenbacks, dampening buyer interest in dollar-priced precious metals. Rate increases also can put pressure on gold as the yellow metal doesn’t pay interest.
June gold GCM6, +0.52% dropped $5.60, or 0.5%, to $1,223.60 an ounce, with prices poised for their lowest settlement since early April. Month to date, prices have lost more than 5%. July silver SIN6, +1.10% bucked the trend to move up by 8.1 cents, or 0.5%, to $16.335 an ounce.
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