Metals Stocks: Gold slides from a nearly 8-week high even as dollar remains under pressure

Gold futures retreated Wednesday from their highest settlement in nearly eight weeks—bucking their typically inverse relationship to a weaker dollar—as the latest metals rally showed fatigue.

The rise in global stock markets boosted the appeal of riskier assets over haven precious metals. Still, gold remains underpinned by increasingly cautious expectations that more U.S. interest-rate hikes will actually materialize later this year and early next.

December gold GCZ7, -0.50% fell $9.70, or 0.8%, to $1,269.70 an ounce. The contract settled Tuesday at $1,279.40, its highest since June 8. Spot gold prices have climbed nearly 6% in just a month.

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