Gold futures fell for a seventh straight session today to market their lowest settlement in more than five years. Traders attributed the latest drop to a large seller on Comex, as the market digests news that China released data on its gold reserves for the first time since 2009.
Gold for August delivery on Comex fell 1.1 percent to settle at $1,131.90 an ounce, suffering a roughly 2.3 percent weekly decline.
The settlement was the lowest since April 2010, based on the most-active contracts.
The selloff comes on a day when the People’s Bank of China published its gold reserves for the first time in roughly six years.
As of June, China’s official gold reserves were at 53.32 million ounces, or 1,658 metric tons.
In other metals trade, September silver fell 1 percent to $14.834 an ounce, for a 4.2 percent weekly drop. October platinum fell 1 percent to $1,001.30 an ounce, for a weekly fall of 3 percent, while September palladium lost 2.1 percent to $619 an ounce, with the metal suffering a 4.8 percent weekly decline.
September copper fell 1.1 percent to $2.496, for a 1.6 percent weekly fall.
In energy trading, crude oil prices slipped in choppy trading today and were headed for a third week of losses, amid pressure from a stronger dollar and expectations of increased exports from Iran.
The U.S. dollar was on track for its biggest weekly rise since May and traded near a seven-week high against a basket of currencies after being bolstered yesterday by lower U.S. jobless claims.
Crude futures received a brief boost from Baker Hughes data showing U.S. drillers cut seven rigs this week, after adding rigs the previous two weeks.
U.S. August crude, also known as West Texas Intermediate (WTI), settled down 2 cents at $50.89, down 3.5 percent this week. The August contract expires on July 21.