2016.07.2014:05:00UTC+00Gold Slide To 3-week Low As Stocks Rise

Gold futures dropped to a 3-week low Wednesday as the U.S. stocks were poised to extend a hot streak, denting the precious metal's safe haven appeal.

August gold was down $13, or 1%, to settle at $1,319.30/oz.

Traders expect the Federal Reserve to signal a willingness to raise interest rates by year's end as long as the U.S. economy performs reasonably well.

There has been little reaction to yesterday's IMF warning the global economy faces "a wave of uncertainty" in the wake of the United Kingdom's referendum to leave the European Union.