Gold Market Update : Epic Research Singapore

Gold futures on Wednesday marked their worst settlement since late February as some upbeat U.S. economic data further fueled expectations that the U.S. Federal Reserve will raise interest rates at its meeting later this month.

June gold GCM6, -0.07% lost $2.90, or 0.2%, to settle at $1,211.90 an ounce on Comex. Prices haven’t settled at a level this low since Feb. 22, according to FactSet. They posted a loss of 5.9% for the month of May.

Gold traders have been waiting for “more valuable information regarding the direction of the Fed and a potential rate hike this month,” said Adam Koos, president of Libertas Wealth Management Group.

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