By Myra P. Saefong and Rachel Koning Beals
Gold futures finished lower on Thursday, as so-called riskier assets lured investors away from the metal, but still scored a second-straight quarterly gain to leave the yellow metal up nearly 25% in the first half of the year.
August gold GCQ6, +0.27% fell $6.30, or 0.5%, to settle at $1,320.60 an ounce, pulling back a day after futures prices marked their highest close since July 11, 2014.
After spotty, post-Brexit volatility, prices have turned slightly lower for the week so far. But they were up about 6.9% for the second quarter and have climbed 24.6% since the end of 2014, according to FactSet data.
Silver has been the standout gainer among the metals over recent sessions, and Thursday was no exception; silver posted slim gains on the heels of a steep Wednesday advance.
September silver SIU6, +0.98% gained 21.6 cents, or 1.2%, at $18.623 an ounce—the highest settlement since mid-September of 2014. Futures prices are up roughly 20% for the quarter and up about 35% year to date.Currency, metals, bond and stock gyrations are likely to persist as the tactical unwinding of the relationship is scrutinized and as the U.K. picks its next prime minister but, for now, “haven” gold has lost some of its appeal.
Gold traded as a haven asset last week and has “profited” from the U.K.’s vote to leave the European Union, said Nico Pantelis, head of research at Secular Investor.
“However, we believe that the drive higher is also due to broader concerns about negative rates, installed by central bankers,” he said. “We believe that this broader concern will be supportive for gold prices in the coming months.”