NGD:CC - Gold closes biggest monthly tumble since September as dollar rallies

Gold futures finished higher Friday but posted its worst monthly performance in seven months, after the ICE U.S. Dollar Index touched its highest level in more than five years on Thursday. June Comex gold (XAUUSD:CUR) closed the week at $1,911.70/oz, down 1.2% for the week and 2.1% for the month; since briefly topping $2,000 on April 18, the yellow metal plunged as much as 5.5%. ETFs: (NYSEARCA:GLD), (NYSEARCA:GDX), (IAU), (NUGT), (PHYS) "The price of gold was crushed this week with the dollar rising strongly, which we think may be attributed to the steep selloff in the equity markets," according to Peter Cardillo, chief market economist at Spartan Capital Securities. "From a technical perspective, the market has undergone a serious setback," Cardillo wrote, but the longer-term outlook remains positive, as the war and inflation "make a solid case for gold to advance to new highs." While gold has remained resilient against an aggressively

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Gold closes biggest monthly tumble since September as dollar rallies