RTTNews - Gold fell to a two-week low on Monday as the U.S. dollar gained against most of its major rivals. The metal's decline was part of an across-the-board decline for commodities.
August-stamped gold futures fell to $924.30, down $6.70 on the session. Prices fell as low as $920.30 after earlier reaching $932.40.
The dollar's strength reduced the need to invest in gold as a hedge option. The greenback climbed to its best level in almost two weeks versus the euro and its highest level in nearly four weeks against the pound.
The Institute for Supply Management said its index of activity in the service sector rose to 47.0 in June from 44.0 in May, although a reading below 50 indicates a contraction. Economists had been expecting the index to come in at 46.0.
Crude oil prices plunged 4% on Monday to lead a drop for commodities. Light sweet crude finished at $64.05, down $2.68 for the day.
Gold ended Friday's session at $931, down $10.30 for the session, as investors mulled over a disappointing jobs report.
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