Gold futures on Monday finished solidly lower to start the week as appetite for the perceived safety of assets like precious commodities continued to unravel as stocks rose.
December gold GCZ19, -0.47% on Comex shed $5.80, or 0.4%, to settle at $1,457.10 an ounce, marking its lowest settlement since early August, according to Dow Jones Market Data. The skid for the metal comes after it marked its biggest weekly slide, off 3.2%, since the week ended May 5, 2017.
December silver SIZ19, +0.01%, meanwhile, shed 2.1 cents, or 0.1%, to end at $16.802, after it posted its sharpest weekly fall on Friday since the week ended July 7, 2017.
Commodity experts say precious metals may be in a vulnerable spot after recent record gains in the Dow Jones Industrial Average DJIA, +0.04% and the S&P 500 index SPX, -0.20%, which imply that demand for assets considered havens may be waning in place of growing appetite for stocks.
“While $1,460 is providing some temporary support, this remains a very vulnerable level with $1,440-1,450 below here also interesting,” wrote Craig Erlam, senior market analyst at brokerage Oanda.
“Losses may be deeper in the coming weeks and months though,” Erlam wrote.
Elsewhere on Comex Monday, December copper HGZ19, -0.71% gave up 1.8 cents, or 0.7%, to settle at $2.664 a pound. January platinum PLF20, -1.67% shed $12.50, or 1.4% to end at $880.60 an ounce. December palladium PAZ19, -3.18% skidded $52.60, or 3.1%, lower to close at $1,656 an ounce, adding to its 4.2% decline for all of last week.