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Gold futures prices turned south on Monday, as demand for safe-haven assets retreated. Amid rising optimism that the U.S. would pursue a “peaceful pressure campaign” against North Korea’s nuclear threats, global share markets advanced with U.S. stock benchmark index continuing to reach fresh record highs.
Gold for October contracts dropped nearly 1 percent to trade at $1,308.70 an ounce in North American trading session after having shed roughly 1.9% last week. Record highs for key U.S. stock market indexes lured investors away from the precious metal.
With gains in shares of financials, telecommunications and materials, the Dow Jones Industrial Average added more than 0.3 percent to trade at 22,343.63, the technology-heavy Nasdaq Composite Index jumped 0.38 percent to 6,469.40 and the S&P 500 index gained 0.26 percent to 2,506.11.
Worries about tensions between North Korea and the U.S. abated after Secretary of State Rex Tillerson on Sunday said that the U.S. seek a peaceful resolution to end the nuclear standoff with Pyongyang.
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