Gold at Seven-Week Low

Vastavam web: Gold price in international market has come down by $20 dollars per pound when compared with the closing of market on Friday to Monday. Gold fell the most since December as gains in the dollar and higher equity prices limited demand for haven assets.The dollar rose against other G-10 currencies and U.S. stocks advanced for a second session, while the yield on the U.S. 10-year note touched the highest since May 16. Higher yields dampen the allure of non-interest bearing gold. “Gold currently looks vulnerable,” UBS Group AG analyst Joni Teves said in a note. “Higher yields and market participants digesting a hawkish shift in tone among key central banks of late, while equities stay resilient around all-time highs,” are negative for the metal. Gold for August delivery on the Comex fell 1.9 percent to settle at $1,219.20 an ounce at 1:39 p.m. in New York. The decline was the biggest since Dec. 15. Bullion touched $1,218.50 an ounce, the lowest since May 11.The metal closed below $1,238.40 an ounce, its average over the previous 200 days — a measure watched by some traders for price clues.