Gold Loses 1% To Finish At Lowest In Three Weeks

Gold prices settled sharply lower Monday, at their lowest level in three weeks. "When headlines began to cross about a 4.3% Q2 reading in the Atlanta Fed's 'GDPNow' model forecast, there was a sharp drop in both Treasurys and gold futures," said Tyler Richey, co-editor of the Sevens Report. "If the economy were to grow at that pace in Q2, that would have hawkish policy implications that are bearish for both Treasurys and gold," he said. June gold fell $12.80, or 1%, to settle at $1,255.50 an ounce, the lowest for a most-active contract since April 10, according to FactSet data.