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Gold edges lower

Gold edges lower

LONDON: Gold fell to its lowest in almost two weeks on Tuesday ahead of a Fed­eral Reserve meeting that is expected to give clues on the pace of future US rate rises.

Spot gold fell to $1,225.70 an ounce, its lowest since March 2, at one point and was down 0.3 per cent at $1,231.50 by 1439 GMT. US gold futures slid 1pc to $1,232.70 an ounce.

Worries about global growth and financial instability had led investors to reprice prospects for increases in US rates, sending safe-haven gold to a 13-month high last week.

Gold’s weakness over the last two sessions followed Friday’s brief bounce to a 13-month high after the European Central Bank signalled an end to rate cuts and the euro rose sharply versus the dollar. Gold is highly sensitive to monetary policy and resulting currency moves.

Holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 1.08pc to 790.14 tonnes on Monday from 798.77 tonnes on Friday.

Spot silver fell 0.5pc to $15.24 an ounce, platinum was up 0.4pc at $953.90 and palladium lost 0.7pc to $565.60.

Published in Dawn, March 16th, 2016

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