Gold Moves Down to $1,395

Gold prices fell below the $1,400 an ounce mark June 4 due to fears that India — the world’s top gold consumer — may lower its demand for the metal. Reuters reported spot gold declined as much as $15.35 to hit $1,395.69 an ounce today. Traders expect the metal to fall as low as $1,392.

Gold futures for August delivery fell $18.14 to $1,394.40 an ounce.

The decline in gold prices comes a day after gold reached above $1,400 an ounce during the session before settling at $1,396. MarketWatch reported the increase was helped by a decline in the U.S. dollar. Commodities priced in dollars typically benefit when the greenback weakens, as it makes them less expensive for holders of other currencies.