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Gold slides back below $1,240

Gold slides back below $1,240

LONDON: Gold fell on Wednesday as a rally in assets seen as higher risk, such as equities, prompted some investors to cash in gains sparked the previous day by Fed chair Janet Yellen’s cautious tone on further rate hikes.

Spot gold was at $1,232.63 an ounce at 1330 GMT, down 0.7pc, having risen 1.7pc on Tuesday after Yellen’s speech. US gold futures for April delivery were down $2.40 an ounce at $1,235.10.

Holdings of the world’s biggest gold-backed exchange-traded fund, SPDR Gold Shares, declined for the first day in two weeks on Tuesday, by 3.3 tonnes.

Focus is now shifting to the main US jobs data later this week.

Silver was flat at $15.34 an ounce, platinum was up 0.7pc at $974.17 an ounce and palladium was down 0.3pc at $571.39 an ounce.

Courtesy : Dawn News



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