News Column

Gold Hits 4-Month Low As Physical Demand Wanes

June 2, 2014

WASHINGTON (Alliance News) - Gold futures steadied on Monday after the longest losing streak of the year. Rebounding stocks and concerns about physical demand have diminished appetite for the precious metal in recent weeks.

US gold was up a dollar at USD1,247 an ounce, holding near a 4-month low from earlier in the day.

Silver was up 11 cents at USD18.80 an ounce, while copper futures jumped more than 4 cents to USD3.16 a pound.

Economic data from the US will be in focus this week amid expectations that the economy is picking up after a brutal first quarter brought on by cold weather.

Today, Markit is scheduled to release the final reading of its manufacturing purchasing managers' index for May at 9:45 am ET. Economists expect the index to be upwardly revised to 56.2 in May from 55.4 in April.

The Institute for Supply Management is due to release the results of its manufacturing survey at 10 am ET. The consensus estimate calls for an increase in the index to 55.5 in May from 54.9 in April. Also at 10 am ET, the Commerce Department will release its construction spending report for April.

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Source: Alliance News

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