Gold News & Info

Source: Marketwatch

New York— Gold closed below $1,182 an ounce Monday, extending last week's drop, as retreating fears about inflation and the risks to global growth cooled demand for safe-haven assets. Gold for August delivery ended the New York floor session down $6.30, or 0.5%, to $1,181.9 an ounce on the Comex division of the New York Mercantile Exchange — the lowest close for a most-active contract since May 21, according to FactSet Research. The SPDR Gold Trust's shares were off 0.9%. Analysts said gold was responding to moves in equity markets, which have been sensitive to daily shifts in sentiment about whether the U.S. is headed for a double-dip recession.

Renewed optimism about global growth, combined with recent data showing little immediate worry about inflation, weighed on bullion Monday. "After gold went so high, where do we go from there? People started selling off as fears eased. Previously it was an inflation play," said Dan Cook, senior market analyst at IG Markets. "Gold will probably track equity as we move forward into the week, although it's been kind of a technical trade now," he said. See full story.