Gold futures finished sharply lower on Thursday, pressured by the strength in dollar and on hawkish Federal Reserve comments followed by the recent robust US economic data. S&P Global's May flash readings of the manufacturing, services, and composite PMIs indicates growth in US business activity, while US unemployment claims dipped more than expected. The yellow metal for the most active contract settled near two-week low level.
Gold futures for June delivery tumbled by $55.70 or 2.3% to settle at $2337.20 per ounce on the Comex division of the New York Mercantile. However, spot gold fell by $1.48 points or 0.06% to $2,330.75 an ounce.