Spot gold fell 0.6% to $1,911.53 per ounce by 2:08 p.m. EDT , while U.S. gold futures settled 0.5% lower at $1,923.80.increased in June to the highest level in nearly 1-1/2 years, while new single-family home sales rose by a more-than-expected 12.2% in May.
"Gold did not like the news," said Edward Moya, senior market analyst at OANDA, as "that better economic data is going to drive those Fed tightening expectations and that should push up yields as well".Bullion edged up on Monday on risks from the short-livedBut for gold, "the key question is the extent to which the internal tensions within Russia or any potential toppling of the government might affect global monetary policy," Commerzbank analysts wrote in a note.
Gold has shed about 2.6% this month — set for a second consecutive monthly fall if losses hold — as bets for higher-for-longer U.S. interest rates dented the zero-yielding asset's appeal and overshadowed its traditional safe-haven role to some extent. Investors were awaiting Powell's upcoming speech, along with a trove of key economic data on Thursday.
"Between now and Thursday, you're going to see a drifting, no-man's-land trading, sideways market here in gold, unless something else was to break," said Bob Haberkorn, senior market strategist at RJO Futures.Platinum fell 0.2% to $922.78 and palladium was down 0.6% at $1,297.89.Deep Kaushik VakilReports on global commodities and energy markets, with a special focus on oil and gas infrastructure and the power sector.
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