Gold Drops to $1293 on Stronger U.S. Dollar and Equities

Gold settled lower on Thursday as robust economic data from the United States, China and the euro zone deterred investors from buying into safe-haven assets.

U.S. gold futures finished the trading session $13.90 lower at $1,290.80 an ounce, after stop-loss orders were placed by traders below $1,300 to limit losses, prompting further selling. Spot gold fell 1.1 percent to its lowest since June 19 at $1,290.40 an ounce.

“The dollar is a bit bid after good jobs and housing data, equity markets are also stronger and that is all weighing on gold,” MKS SA head of trading Afshin Nabavi said. “We saw some stop-losses as we broke $1,300 and there will be more if we take out the $1,286 area.”


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