Gold futures end lower after ‘death cross’

San Francisco (June 2)  Gold futures settled lower on Monday for a sixth straight session, with analysts calling for further declines in the wake of the recent “death cross” in the moving-average prices for the yellow metal, as traders digested the latest batch of global economic data.

Gold for August delivery  fell $2, or 0.2%, to settle at $1,244 an ounce on the Comex division of the New York Mercantile Exchange after topping $1,250 earlier. It held ground at the lowest settlement for a most-active contract since Jan. 31.

July silver  rose nearly 6 cents, or 0.3%, to $18.74 an ounce, though that was below an earlier high near $18.90.

Gold last week closed the book on its worst month of the year as investors continued to pour into equities.

“Gold is currently lacking a clear driver and as a result investors continue to seek better opportunities, especially in stocks which showed a terrific performance during May,” said Ole Hansen, commodities strategist at Saxo Bank.

“The selloff last year was driven by investor liquidation and with much of that liquidation long gone, any additional weakness from here will miss the urgency witnessed last year,” he said in emailed comments. “On that basis, we believe that last year’s double bottom at $1,180 [and ounce] should continue to offer good support.”