Gold declines on falling oil, higher U.S. dollar

MarketWatch reports gold futures fell 1% today as falling crude oil prices and a higher US dollar.

Gold for August delivery dropped $9.50 to $939 an ounce on the New York Mercantile Exchange. On Tuesday, gold futures dropped $15.20 to end at $948.50 an ounce.

James Moore, an Analyst at TheBullionDesk.com says:

“Gold is likely to remain on the defensive in the coming sessions.” “While expectation of a U.S. rate hike have bolstered the dollar, the Fed is unlikely to make sharp rate increases for fear of damaging economic growth, and the question remains as to how many more financial institutions the Fed/Treasury is willing to bail out before it allows nature to run its course.”

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