RTTNews - Gold prices dropped to their lowest close in a week as the dollar rebounded against other majors. Some lackluster economic data also lowered gold's investment value.
August-dated gold fell to $927.40 per barrel, down $13.30 for the session. The metal reached as high as $945.40 in electronic trading before later hitting as low as $922.70.
The dollar climbed back above 1.4100 versus the euro after hitting a 3 1/2-week low earlier in the session. The buck also bounced back against the pound after hitting an eight-month low in overnight trading.
In economic news, the Conference Board said its consumer confidence index fell to 49.3 in June from a revised 54.8 in May. Experts expected the index to edge up to 55.3 from the 54.9 originally reported for last month.
The ISM-Chicago said its index of activity in the manufacturing sector jumped to 39.9 in June from 34.9 in May, although a reading below 50 indicates a continued contraction. Economists had been expecting the index to increase to a reading of 39.0.
Earlier, the S&P Case-Shiller Index showed a 0.6 percent decline from March to April, according to a survey of prices in 20 U.S. cities. This represented a drop of 18.1 percent compared to the same period last year.
The ADP employment report headlines a busy economic calendar tomorrow, with the data planned for release at 8:15 a.m. ET. A decline of 363,000 jobs is forecast for June, compared to a 532,000 drop in the prior month.
Monday, gold fell to $940.70 per ounce, down 30 cents on the session.
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