Gold Futures Shed More Than 5.6% in May

Chicago (PNA/Xinhua) — Gold futures on the COMEX division of the New York Mercantile Exchange declined more than 5.6 percent in May, marking its first monthly loss this year, however, the gold futures rose slightly on Tuesday after its eight sessions of losses.

The most active gold contract for August delivery rose 0.80 US dollars, or 0.07 percent, to settle at 1,217.50 dollars per ounce.

For month of May, based on the most-active contract, gold declined 5.66 percent, comparing with the settlement of 1290.50 dollars per ounce on April 29.

Gold was pressed lower as a report released on Tuesday by the US Department of Commerce showed the key Personal Income and Outlays headline figure increasing by 0.4 percent, led by consumer spending, which increased by a better-than-expected 1.0 percent.

However, the US Dow Jones Industrial Average fell by 129 points or 0.72 percent as of 18:50 GMT. Analysts noted that when equities post losses, the precious metal usually goes up, as investors are looking for a safe haven, while the opposite is true when US equities post gains.

Analyst noted that expectations for higher US interest rates continued to dent gold futures. On Friday, US Fed Chair Janet Yellen said at Harvard University that an interest rate hike in the next few months would probably be appropriate if economic data improved.

Silver for July delivery fell 27.50 cents, or 1.69 percent, to close at 15.994 dollars per ounce. Platinum for July delivery dropped 1.80 dollars, or 0.18 percent, to close at 980.40 dollars per ounce.(PNA/Xinhua) JMC/EBP