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Gold fell to eight-week lows on Monday
Investing.com – Gold prices slumped lower on Monday, pressured by a sharp uptick in U.S. bond yields in the wake of upbeat manufacturing activity suggesting that U.S. economic growth remained robust.
Gold futures for August delivery on the Comex division of the New York Mercantile Exchange fell by $21.81, or 1.76 %, to $1220.47 a troy ounce.
Gold is set to make a negative start to the month, after better than expected manufacturing data fuelled U.S. rate hike expectations, underpinning a move higher in U.S. bond yields, lessening demand for non-interest bearing gold.
The Institute for Supply Management said its manufacturing index rose to 57.8 last month from 54.9 in May. The measure now stands at its highest level since August 2014.
The upbeat manufacturing data lifted U.S. 10-Year to a two-month high of 2.353, spurring a rally in the greenback against its rivals, adding further pressure on the precious metal.
Gold is sensitive to moves higher in both bond yields and the U.S. dollar – A stronger dollar makes gold more expensive for holders of foreign currency while a rise in U.S. rates, lift the opportunity cost of holding non-yielding assets such as bullion.
The move higher in the greenback weighed on commodities across the board, as silver futures dropped 2.79%% to $16.105, a troy ounce while platinum futures lost 2.07% to $907.25.
Copper traded at $2.691, down 0.74%, while natural gas, dipped by 1.94% to $2.976.
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