Gold at a low of more than 15 months with new losses of 0.6%

A breather from the psychological $1,700 mark has been found for gold, after a second consecutive day of lower trading that sent the precious metal to its lowest close since May 15, 2021.

In particular, the contract for August delivery ended trading at $1,700.2 an ounce, down 0.6% or $10.5.

“The dollar’s retreat at the start of the week gave precious metals some breathing room, but the bears are clearly furious,” comments FXTM’s Lukman Otunuga.

According to him, “it looks like gold is waiting for a catalyst to break the $1,700 psychological support.”

Gold started the week slightly positive as market expectations for a wild 100 basis point Fed rate hike eased.

However, the precious metal has failed to attract significant buying as investors appear to be opting for the greenback as a safe haven.

Elsewhere, metals were mixed, with September silver down 0.2% at $18.668 an ounce.

Meanwhile, platinum fell 1.4% to $846.50, while palladium rose 0.4% to $1,861 and copper rose 1% to $3.325 a pound.