SAN FRANCISCO (MarketWatch) — A late-hour wave of selling dropped gold futures to their lowest settlement since mid-May, less than a dollar above $1,500 an ounce.

Gold for August delivery declined $19.60, or 1.3%, to settle at $1,500.90 an ounce on the Comex division of the New York Mercantile Exchange. That was the poorest settlement since May 19, when gold closed at $1,492.40.