Gold hits 3-week low as June rate hike looks more likely

Gold futures dropped on Thursday to settle at their lowest level in about three weeks as signs the Federal Reserve could raise interest rates in June dampened demand for the yellow metal.

June gold GCM6, +0.05% fell $19.60, or 1.5%, to settle at $1,254.80 an ounce. Prices haven’t settled at a level this low since April 27. July silver SIN6, +0.38% dropped 63.9 cents, or 3.7%, to $16.493 an ounce—ending the session at its lowest since April 18.

Thursday’s decline follows a slide by gold in electronic trading late Wednesday spurred by minutes from Federal Reserve’s April meeting that showed the central bank is seriously considering hiking interest rates in June.

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