Gold futures fell the most in six weeks as signs of a recovery in the U.S. economy curbed demand for the precious metal as an alternative asset. Silver dropped to the lowest since mid-March.
Sales of previously owned homes jumped in March to the highest since September 2013, figures from the National Association of Realtors showed Wednesday. The dollar pared losses against a basket of 10 currencies, while gold dropped to a one-week low. The metal fell 2.5 percent in March as the greenback climbed for the ninth straight month.
Gold futures for June delivery fell 1.3 percent to settle at $1,186.90 an ounce at 1:50 p.m. on the Comex in New York, the biggest drop for a most-active contract since March 6. Earlier, the metal touched $1,185, the lowest since April 14.
Estimated trading for the contract was 261,646 contracts with the highest volume shortly after the housing data was related at 10 a.m.
Source : Bloomberg