Gold down on dollar after worst month in two years

Gold dropped on Monday, after falling by the most in two years in July, as the dollar rose and investors monitored US economic indicators for clues on the timing of a hike in US interest rates.

Spot gold was down 0.9 per cent at $1,086.06 an ounce by 3:02 p.m. EDT (1902 GMT). The metal hit a low of $1,077 on July 24, its weakest in 5-1/2 years.

It lost almost 7 per cent in July, its steepest monthly drop since June 2013, and fell for a sixth straight week last week, its longest retreat since 1999.

US gold for December delivery settled down 0.5 per cent at $1,089.40 an ounce.

Spot platinum dropped 2.6 per cent to $955.74 an ounce, after posting the biggest monthly fall in ten months at 8.7 per cent in July. Palladium lost 2.3 per cent to $595.25 an ounce, nearing the lowest since October 2012.

Spot silver was down 2.2 per cent at $14.44 an ounce, near last month’s six-year low.

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Posted in: Indian Market Tips