Gold Posts Fifth Straight Monthly Drop as Dollar, Stocks Rally

‘There’s no driver there for people to buy,’ CMC Markets says
Investors weigh prospects for further tightening by the Fed

Gold is an excellent way to hedge for the longer term, says Edmund Shing of BNP Paribas.(Source: Bloomberg)

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By Ranjeetha Pakiam and Susanne Barton

August 31, 2018 at 3:54 AM UTC

Updated on

August 31, 2018 at 6:03 PM UTC

This article is for subscribers only.

Gold posted a fifth straight monthly decline, the longest losing run in half a decade, hit by a strengthening dollar and U.S. equities near record highs.

Gold futures for December delivery fell 2.2 percent this month as the metal barely rebounded 0.1 percent Friday on the Comex in New York. The Bloomberg Dollar Spot Index advanced in August as investors shunned bullion and flocked to the dollar amid U.S. trade disputes with other major partners, making the metal more expensive for users in other currencies.