Negative for Metals

Comex gold fell slightly as the dollar strengthened modestly following stronger-than-forecast U.S. housing starts in May, says Frank Lesh, futures analyst with Future Path Trading. "It reassured us we're going to get a rate hike," says Lesh. The markets have now factored in a 25-basis-point hike for late June and are upping the odds of another hike in August, he explains. "That's a negative for the metals." Aug gold is down $1.40 to $571 an ounce. July silver is steady at $9.97.