Gold coughs up recent gains as U.S. equities rally

Gold retreated on Wednesday, giving back more than half of its recent gains as investors turned their attention to a climb in the U.S. stock market.

However, the metal’s descent was kept in check in the near term as expectations for cautious moves by the Federal Reserve on interest-rate policy dent the dollar.

June gold GCM6, +0.06%  slipped $8.90, or 0.7%, to settle at $1,228.60 an ounce Wednesday, after tacking on 1.3%, or $15.50, Tuesday. Despite a rough trading patch in late March, gold prices are up some 16% so far in 2016. For the month, gold is down about 0.5%.

The SPDR Gold Trust GLD, -1.40%  was down 1.3%, poised for a monthly loss of around 1.2%.

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