Gold drops 6% in May for 1st monthly loss this year

Gold futures on Tuesday settled almost 6% lower for the month, marking their first monthly loss this year, as expectations for higher U.S. interest rates continue to dent the precious metal.

Prices, however, finished the day with a narrow gain—their first in nine sessions.

June gold GCM6, -0.02% tacked on $1, or less than 0.1%, for the session, to settle at $1,214.80 an ounce. Prices, based on the most-active contract, have lost 5.9%, or nearly $76 an ounce, from the $1,290.50 settlement at the end of April.


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