Metals Stocks: Gold edges lower as oil prices sink

Gold futures edged lower early Thursday, feeling some pressure as crude prices dropped sharply following reports the Biden administration was weighing a large release from its strategic petroleum reserve.

Gold for June delivery GC00 GCM22 fell $4.40, or 0.2%, to $1,934.60 an ounce on Comex. May silver SIK22 was down 11.3 cents, or 0.4%, at $25 an ounce. Gold, based on the most actively traded futures contract, was on track for a 1.8% monthly rise and a 5.8% gain for the quarter, according to FactSet, while silver was up 2.6%…