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Gold falls near 2-week low

Gold falls near 2-week low

LONDON: Gold fell to a near two-week low on Tuesday, after its steepest loss since March in the prior session, as a firm dollar and higher equities curbed appetite for the precious metal.

Bullion has fallen in five out of the past six sessions and failed to fully benefit from data last week showing that the US economy added the fewest jobs in seven months in April.

Spot gold was down 0.4 per cent at $1,258.10 an ounce by 1442 GMT, after hitting an early low of $1,257.15, its weakest since April 28.

Bullion fell 1.9pc on Monday, its sharpest single-day drop since March 23. US gold for June delivery was down 0.5pc at $1,261.10 an ounce.

Spot prices are still up 18pc this year as expectations for a near-term increase in US interest rates ease. Higher rates would bolster the dollar, while lifting the opportunity cost of holding gold.

Silver rose 0.2pc to $17.04 an ounce, platinum was up 0.7pc at $1,043.58 and palladium lost 0.2pc to $584.70.

Courtesy : Dawn News



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