Gold futures settle at lowest level since November
MarketWatch - Mar 10, 2015
Gold futures on Tuesday took a hit from a rally in the U.S. dollar, with prices for the precious metal logging their lowest settlement since November.
Concerns over the prospects of rising U.S. interest rates pushed the dollar to multiyear highs, weighing on dollar-denominated commodities, which include gold.
The potential for rising interest rates this year also pressured U.S. stocks, but the steep declines in the stock market failed to offset pressure on gold from the rising dollar.
Gold for April delivery lost $6.40, or 0.6%, to settle at $1,160.10 an ounce on Comex. That was the lowest settlement since Nov. 12, based on the most-active contracts. May silver also fell 14.3 cents, or 0.9%, to end at $15.633 an ounce.
“Sentiment has been lousy for gold,†said Brien Lundin, editor of Gold Newsletter. But “from a contrarian point of view, [that] probably makes gold and gold stocks an outstanding opportunity,†he said.
