Gold futures fell to a 15-week low in New York as U.S. equities climbed to a record, curbing demand for the precious metal as an alternative investment.
The Standard & Poor’s 500 Index (SPX) of stocks rose to a new intraday high as an unexpected increase in durable-goods orders boosted growth prospects for the U.S., the world’s largest economy. Last year, gold slumped 28 percent as equities surged and concern mounted that the Federal Reserve would slow the pace of the monetary stimulus.
Gold has declined 9.1 percent from a six-month high in March as the U.S. economy showed signs of improvement. Prices also fell as Ukraine’s President-elect Petro Poroshenko vowed to step up operations to rein in separatists in the east of the country as fighting continued after the weekend election.