Gold settles with a loss, but scores a monthly gain

Gold futures on Friday posted their lowest close in more than three weeks, trimming a monthly gain to end October on a downbeat note.

December gold GCZ5, -0.07% fell $5.90, or 0.5%, to settle at $1,141.40 an ounce on Comex, after shedding a whopping $28.80, or 2.5% Thursday. Gold saw a weekly loss of about 1.8%, trimming its monthly gain to 2.4%. The yellow metal is down around 3.7% since the end of last year, based on most-active futures contracts.

“The gold decline this week is coming from the full on monetary dovishness of last week subsiding because gold is down not only against the U.S. dollar DXY, -0.04% but also against the euro EURUSD, +0.2362% and Japanese yen JPYUSD, +0.235165% ” said Colin Cieszynski, chief market strategist at CMC Markets. “This appears to be more than just a correction of recent gains, I think sentiment has shifted again.”

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