Gold futures dipped Monday, February 13, on track for their largest single-session loss of the month as the dollar saw a rebound against most major currencies and U.S. equities gained, dulling the appeal of the precious metal in the short term.
April gold GCJ7, -0.93% fell $12.30, or 1%, to $1,223.60 an ounce. Prices haven’t seen a dollar or percentage drop this large since Jan. 25. Gold futures ended lower Friday, but finished the week with a gain of more than 1%, for its sixth weekly rise in seven weeks.
The ICE U.S. Dollar Index DXY, +0.00% edged up by 0.2%. It traded higher against most currencies, except for the British pound, which strengthened ahead of what could be hotter U.K. inflation in a reading due Tuesday.
Gold is traded in dollars, so moves for the U.S. currency can influence the metal’s attractiveness to those using other monetary units.
March silver SIH7, -0.49% lost 13.8 cents, or 0.8%, to $17.795 an ounce, coming off a weekly rise of 2.6%.
Among other metals traded on Comex, March copper HGH7, +0.72% tacked on 2.1 cents, or 0.8%, to $2.789 a pound, but April platinum PLJ7, -0.95% fell $14.30, or 1.4%, to $997.40 an ounce and March palladium PAH7, -0.52% lost $7.35, or 0.9%, to $775.75 an ounce.
The exchange-traded fund SPDR Gold Trust GLD, -0.95% was down 1.1%, while the VanEck Vectors Gold Miners ETF GDX, -1.29% fell 0.9%.