Gold Drops to 2-Week Low as Dollar Keeps Gaining

Gold futures on the COMEX Division of the New York Mercantile Exchange went down on Monday as the dollar rose, reducing gold's appeal as safe-haven. Silver and platinum both finished much lower.

Gold price for August delivery lost 10.10 U.S. dollars, or 1 percent, to settle at 952.50 dollars an ounce, touching the lowest level in two weeks.

Under the circumstances that no important economic data were released on Monday, the rate of dollar which continued to climb dominated the trend of the yellow metal.

During the electric session in the morning, the rate against euro rose to 1.3806 dollars, nearly 2 cents away from the intraday low of 1.3992 dollars. Dollar's rally curbed investor's appeal to buy gold as an alternative to hedge the greenback's depreciation.

Oil failed to provide more support to the precious metal as it did last week with the July delivery contract hovering around 68 dollars per barrel.

July silver finished at 14.955 dollars per ounce, down 43.3 cents. July platinum fell 42.20 dollars to 1244 dollars an ounce.