Pakistan News

Gold slips nearly 3pc

Gold slips nearly 3pc

LONDON: Gold fell nearly 3 per cent on Monday as a rebound in stock markets pointed to a sharper appetite for risk, pulling prices further from last week’s one-year high.

Spot gold was down 2.7pc at $1,204.80 an ounce at 1632 GMT, off an earlier low of $1,201.65. US gold futures for April delivery were down 2.7pc at $1,205.60.

Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, fell just over 5 tonnes to 710.95 tonnes on Friday. That only slightly offset a net rise of just over 17 tonnes earlier in the week, however.

Silver fell 2.7pc at $15.28 an ounce, platinum 2.1pc at $931.65 and palladium 1.7pc at $511.66 an ounce.

Published in Dawn, February 16th, 2016

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