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Gold slips on firm dollar

Gold slips on firm dollar

LONDON: Gold dropped for a fourth session in five on Monday, as the dollar firmed after fresh comment from Federal Reserve officials that the central bank could look at raising US interest rates soon.

Spot gold slipped almost 1 per cent to a session low of $1,197.10 an ounce, before reclaiming

some lost ground to $1,201.60, down 0.5pc, by 1351 GMT. Bullion had climbed 1.1pc on Friday after a break of technical resistance triggered automatic buy orders.

Investors tend to shun gold, which does not pay interest, when market expectations point to US interest rates rising.

Published in Dawn, April 14th, 2015

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