Gold futures settle at 7-week low

Gold futures extended their slide on Thursday to a seventh straight session, as overall strength in the U.S. dollar this month and the prospect of higher U.S. interest rates help push prices to their lowest level since early April.

June gold GCM6, -0.01% fell $3.40, or 0.3%, to settle at $1,220.40 an ounce—marking the lowest session finish since April 4. Month to date, prices have lost roughly 5.5%.

U.S. interest rate-hike expectations have nicked the yellow metal. Higher interest rates tend to lift demand for greenbacks, dampening buyer interest in dollar-priced precious metals. Rate increases can also put pressure on gold as the yellow metal doesn’t pay interest, sending investors in search of higher yields in a rising-rate climate.

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