Gold futures drop to lowest of year as United States dollar rallies
USA gold futures for June delivery were up 0.3 percent at $1,293.60 per ounce.
Gold prices inched higher Monday on subdued dollar as investors considered the prospects of fewer US interest rate increases in 2018.
"There are lot of geopolitical risks but people are just used to it".
Gold prices barely responded to North Korea saying it might not attend the unprecedented June 12 summit with the United States if Washington continues to insist that it unilaterally give up its nuclear weapons. -South Korean military exercises.
The dollar on Wednesday hovered near a five-month high against a group of major currencies, boosted by a surge in the benchmark 10-year Treasury yield after strong U.S. retail data on Tuesday.
A weaker dollar makes gold less expensive for holders of other currencies, but higher USA bond yields make non-yielding bullion less attractive to investors.
Platinum rose 0.3% to $895.74 an ounce, while palladium eased 0.1% to $981.50 an ounce after recording the biggest single-day percentage loss in two weeks at 1.3% in the previous session.
Gold is likely to fall to $1,275 by the end of June and $1,250 by the end of the year as USA yields and the dollar strengthen, said ABN AMRO analyst Georgette Boele.
However, gold is expected to remain in the narrow range it has been trading this year - mostly between $1,300 and $1,350 - unless supply or demand fundamentals change dramatically.
"Gold held up for so long on such a high level". Gold crashed below its technically important 200-day moving average and the psychologically significant $1,300 mark to $1,288.31, the weakest since December 28.
Spot gold may retest a support at $1,302 per ounce, Reuters technical analyst Wang Tao said.
Platinum was unchanged at $905.24 per ounce, while palladium fell almost 2 percent to $976.97 an ounce, after earlier dropping to an over one-week low at $964.
As for other precious metals, silver for July delivery went down 37.6 cents, or 2.26 percent, to settle at 16.269 dollars per ounce.
This story has not been edited by Firstpost staff and is generated by auto-feed.
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