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Gold prices retreat

Gold prices retreat

LONDON: Gold eased on Thursday as the dollar held onto gains after its biggest one-day rally in over a month, with uncertainty over the outlook for US monetary policy this year adding to volatility.

The metal has steadied after its biggest quarterly rise in nearly 30 years, driven by a retreat in expectations that the Federal Reserve will push ahead with many rate hikes this year.

Spot gold was down 0.7 per cent at $1,234.26 an ounce at 1346 GMT, having touched a low of $1,228.70 in earlier trade. US gold futures for June delivery were down $12.10 an ounce at $1,236.20.

Among other precious metals, silver was flat at $16.19 an ounce, after reaching its highest since late October the previous day.

Platinum was up 0.1pc at $995.57 an ounce, while palladium was up 1.9pc at $553 an ounce.

Courtesy : Dawn News



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